Amadeus, Knowland Partner for U.S. Market Hospitality Health Index

0

Global distribution and travel technology provider Amadeus
has partnered with groups and meetings data firm Knowland on a new hospitality
health index for U.S. markets. Year over year results for the first quarter of
2024 show modest average gains in top markets, across several indicators
tracked by the index for both corporate travel and groups and meetings: Group
bookings, GDS bookings, and negotiated transient rate bookings. All booking
indicators are blended with an average daily rate to show revenue growth within
the markets and the segments.

It’s a viewpoint that creates a strong story in 2024, since rates
in all market segments have continued to rise, even as volume in certain
segments hits just below 2023 levels.

Group continues as the top performing revenue segment for
hospitality, with a 102.3 percent overall health index from Amadeus/Knowland.
The segment maintained 99.1 percent of room nights in the first quarter
compared to the same period in 2023. ADR increased by 3.2 percent.

Event attendance grew 25 percent from an average of 116 in Q1
2023 to 145 in the same period in 2024. Average space use increased more than 31
percent.

GDS achieved room night production in the U.S. at 98.2
percent of Q1 2023 levels, while ADR increased 1.8 percent, resulting in and
overall health index of 100 percent. Negotiated transient achieved a 97 percent
overall health index, with room night production at 93.6 percent of Q1 2023 and
revenue up 3.6 percent.

Taken together, the data from the Amadeus/Knowland report
showed overall business segment health at 99.9 percent of the first quarter of
2024, with certain markets considerably outperforming the average.

Overall health index for 13 U.S. cities topped 100 percent,
with Seattle leading the charge with a 115.1 percent health index for Q1
compared to the same period a year prior. Houston, New York City, Boston and
San Francisco and Las Vegas rounded out the top six markets, with health indices
of more than 105 percent. San Francisco stared down easier comparisons than
some other markets since the city has lagged others in post-pandemic recovery.

Fifteen U.S. cities outperformed Q1 revenues in 2024 in
terms of group business, led by Las Vegas and Boston, each clocking in at
nearly 121 percent of 2023. Seattle, Houston, New York City and Minneapolis
rounded out the top six, all with index numbers of nearly 110 percent and
above.

Corporate events made up 65.7 percent of the overall event
market in Q1 2024, compared to 66 percent in 2023. Segment growth on the corporate
front came from consulting, technology and manufacturing, while healthcare and
financial sectors held slightly back from 2023 event expenditures for the
quarter.

#Amadeus #Knowland #Partner #U.S #Market #Hospitality #Health #Index

About Author

Leave a Reply