Competition and Costs on the Rise at Traditional Event Venues
As Tim Brown explains in this recent Successful Meetings post, high demand and limited inventory have created a “sellers market” for the hotel industry. In fact hoteliers are now turning down three meetings to every one they accept, and hotel fees are expected to rise to $2.47 billion in the U.S.
Brown recommends creating a custom contract that can be modified to suit the event and the venue as a way to mitigate risk and contain costs. Read more.
The 2016 Meetings and Events Forecast predicts a significant increase in costs associated with traditional event venues. Image credit: http://www.carlsonwagonlit.com/export/sites/cwt/en/global/insights/global-forecast-2016/2016-cwt-meetings-events-forecast.pdf
The Carson Wagonlit
CWT also recommends increasing lead times for larger events in order to improve your leverage when negotiating event contracts.