Group Travel Reservations For Next Four Quarters Is Up 13 Percent, Says TravelClick
The pace of new group reservations for the next four quarters is up 13 percent year-over-year, according to the April 2015 TravelClick North American Hospitality Review. The review looks at group sales commitments and reservations on the books in 25 major North American markets, for stays that were booked by April 5 for April 2015 through March 2016. Although the pace of business transient travel has dipped a bit, 75 percent of the top markets are experiencing growth. When looking at the second quarter reservations on the books, occupancy is up by just 0.8 percent over a year ago, although average daily rate is up by 4.2 percent and revenue per available room is 5.6 percent higher. The group segment occupancy is up by 1.9 percent for the second quarter, year-over-year, with a 4 percent higher ADR and 5 percent increase in RevPAR. For the next 12 months, group occupancy is up by 2.5 percent with a 4 percent higher daily rate. That's running slightly behind the overall increase in rate, which is 4.4 percent up. Overall occupancy across all segments for the next 12 months is 2.1 percent higher than it was at this time a year ago.