IACC, a not-for-profit association dedicated to promoting understanding and awareness of the meetings venue industry, has released the 2016 edition of its "Trends in the Conference Venue Industry," and the news is positive.
The comprehensive trends report, which focuses on small-meetings-focused venues, indicates that IACC members have improved revenue, occupancy, rates, and profits over the previous year. For the second year running, strong performance was seen from IACC's corporate meeting venue operators.
"The industry growth theme of the last four years continues," said IACC CEO Mark Cooper (pictured above). "Corporate conference venues delivered the strongest results, which suggests a return to investing in training and meetings for large organizations operating their own conference venue for internal meetings. We see this as an encouraging trend that will benefit the wider industry, suggesting greater business confidence and future growth with commercial venues."
The findings of the IACC report include improving Complete Meeting Packages (CMP) rates and the Average Daily Rate (ADR) for corporate conference venues rising 4.5 percent, to $108.23. Occupancy grew at IACC properties 1.7 percent year over year, and university/college properties reported a 7.5 percent increase in annual occupancy year on year.
To purchase the IACC Trends in the Conference Venue Industry report, visit IACC's website. For an infographic summary of the IACC Trends in the Conference Venue Industry, head here.