Closing 2016 and Looking to 2017

2016 is ending with a bang for the hospitality industry, as we have seen record setting growth for about the past 6 years and it’s been primarily a seller’s market. While REVPAR and other indicators have shown some market increases for 2017, most indicators we follow show a slowdown in the meetings and hotel economy. 2017 is expected to be near flat which will provide more opportunities for planners. While we are optimistic about this shift, we are not there yet and the market remains a seller’s game for now. On top of this, the merger of Marriott-Starwood, has made it more difficult than ever to negotiate hotel contracts. While it appears that we have more options, there’s actually less competition out there. Our roles as meeting managers have become increasingly strategic and forward thinking as we seek more creative ways to negotiate and make the overall meeting experience memorable, experiential, and focused on learning retention. Looking forward. we are in a fragile time with the uncertainty of a Trump presidency and all the worldwide security issues. We remain cautiously optimistic as President Trump is a hospitality veteran who is likely to promote business policies that benefit our industry and who has actively been in support of business overall. We are excited about the potential opportunities that lie ahead for us in 2017 and about the buyer-seller relationship shift.