MAR 2018

ConventionSouth magazine is the leading resource for meeting planners who book all types of events, conventions, conferences and group travel in the south.

Issue link:

Contents of this Issue


Page 5 of 59

⎜ ConventionSouth ⎜ M A R C H 2 0 1 8 w w w . c o n v e n t i o n s o u t h . c o m 6 headlines, trends & ideas Strong Performance Expected For Historic Hotel Properties The 2018 Consumer Electronics Show, held in Las Vegas in January, featured a number of new high- tech tools for events, including the OLED Canyon and square-shaped light panels. Historic hotels throughout the U.S. are expected to perform well in 2018 and 2019 from both occupancy and revenue perspectives, according to research conducted by CBRE Hotels' Americas Research. In a presentation at the Historic Hotels of America (HHA) annual conference in February, CBRE's Senior Managing Director Mark Woodworth said that revenue per available room (RevPAR) for his- toric hotels is expected to grow at an average rate of 1 percent during 2018 and 2019. This is just slightly lower than the 1.2 percent growth predicted for the nation's upper-upscale hotels. Most of the growth is expected to stem from increases in average daily revenue (ADR). This prediction is based partly on hotel performance data from STR (formerly Smith Travel Research), which shows the aggregate RevPAR for historic hotels was between the national averages for all upper-upscale and all luxury hotels in the U.S. during the first three quarters of 2017. The forecast also indicated that annual occupancy for HHA properties will remain eight percentage points above the national occupancy level through 2019. Referring to information pulled from CBRE's database, Woodworth said that historic hotels (including non-members of HHA) have a higher ADR ($259.39) than contemporary hotels ($231.16). "The data strongly supports the idea that many consumers favor and will pay more for the unique hotel experience historic properties can offer," Woodworth said. HHA includes more than 300 historic hotels, resorts and inns throughout the U.S. To be nominated for membership in HHA, properties must be at least 50 years old and designated as a National Historic Landmark or listed on the National Register of Historic Places by the National Trust for Historic Preservation. n New Event Tech Tools Historic* vs. Contemporary Hotels Gross Operating Profit** Compound Annual Change 2009-2016 The LG 90-foot OLED Canyon is an immer- sive installation that leverages flexible, eye-popping commer- cial display technology. Offered by LG Electron- ics (LG), the winding 90-foot LG OLED (Organic Light-Emit- ting Diode) Canyon features displays in concave and convex configurations, giving viewers a one-of-a-kind experience using self-lighting pixels for exact control of image brightness and quality. With no separate light source, the displays are extremely lightweight, thin and flexible. Displays for business-to-busi- ness applications can be customized to create digital signage. n Square-shaped light panels, presented by Nanoleaf, have a touch-sensi- tive surface that's responsive to tapping and swiping. The panels create an attractive backdrop while working with voice and motion sensors to create an immersive sight-and-sound explosion for event attendees. Up to 1,000 square panels can be outfitted together at once but for every 60 panels strung together, a power booster is needed in order to main- tain optimal brightness. The new panels are expected to launch later in 2018. n

Articles in this issue

Archives of this issue

view archives of ConventionSouth - MAR 2018