Knowland,a provider of data-as-a-service insights on meetings and events for hospitality, announced it has added the ability to filter its U.S. Meetings Recovery Forecast by market, now known as the Top 25 U.S. Meetings Recovery Forecast (MRF25). Access to the data is complimentary and provides the industry with predictive insights into event recovery over the next three years. Click here to view the MRF25.
Jeff Bzdawka, CEO, Knowland, said: “The additional data provided in the MRF25 will help inform brands and ownership groups about investments and how they manage their portfolios. Investment and analyst groups will gain a better understanding of the markets recovering ahead of others to inform their strategies in the next 12-36 months.”
Across the Top 25 Markets, the MRF25 shows varying levels of recovery. Some markets will be at or near recovery by the end of 2022 while others will be delayed into 2024. A breakdown of the details is below:
- Recovery by the end of 2022: Data indicates one market, Phoenix, will be 100 percent recovered. Two markets, Tampa and Dallas, will be at least 90 percent recovered. Atlanta and Miami will be above 80 percent recovery. Eighteen markets will be between 50 and 75 percent recovery. Oahu and Detroit will be at less than 50 percent recovered.
- Significant recovery in 2023: There will be significant recovery for most of the Top 25 markets in 2023. Seven markets will achieve 100 percent or greater recovery including Phoenix, Tampa, Dallas, Miami, San Francisco, Atlanta, and Houston. Nine will reach 90 percent or better recovery. Seven will fall between 75 and 90 percent recovery. Finally, Denver and Detroit will fall below 75 percent recovery.
- Closer to normal in 2024: 23 of the 25 markets will achieve 100 percent or greater recovery by 2024. Denver will achieve 95.2 percent recovery. Detroit is anticipated to be below 75 percent recovery.
Kristi White, chief product officer, Knowland, said: “As recovery continues, hotels will need to be more proactive in their efforts to remain competitive. Being able to understand individual markets at a more granular level, as well as balance that against overall recovery, is crucial as the industry navigates short-term recovery and long-term profitability.”
About the MRF: The MRF25 projects industry recovery patterns for the Top 25 U.S. Markets and is based on Knowland’s proprietary data and regression models leveraging almost 20 million global events over the last 15 years. The forecast uses a natural recovery model, assuming historic seasonal patterns without major market disruption, to index the recapture of meeting activity compared to baseline levels from 2019. By comparing past data to evolving data trends, hoteliers can better understand market-relevant changes–and their implications–as individual markets move into 2022 and beyond.