Meeting US$175 Billion Worth Of Demand.

Hotels, April, 2007

By Staff

Solid growth prospects mean meetings and group business should be a major target for 2007 and 2008.

WORLDWIDE-Group and meeting business is already big business for hotels. According to a study released in January by the Hotel Sales and Marketing Association International and PhoCusWright, it will only get bigger. The study predicts the overall market will grow to US$175 billion by 2008. About 54% of that total accounts for travel expenses, so hotels can expect to take away a 35% to 42% share, depending on the type of function. Who gets the lion's share of the proceeds ...