Unlocking the Keys to Future Event Accommodations

In the dynamic landscape of the hospitality industry, marked by industry consolidation and flourishing economic conditions, hotels remain the preferred choice for both business and leisure travelers. However, it’s not just market forces at play here; competition among buyers is shaping the game, urging us to advise all our clients and prospects accordingly. Buyers are claiming space sooner than ever before, and there just isn’t enough space for everyone.

Large-scale events, those with over 3,000 attendees, inherently require substantial space for accommodations, meetings, and travel arrangements. Despite the proliferation of new hotels across various U.S. markets over the past decade, the addition of hotel rooms has outpaced the expansion of meeting and event spaces. This, coupled with the surge in meeting attendance, has resulted in a shortage of accommodations for events requiring ample space, owing to the overwhelming demand.

At LEO Events, our protocol for booking destinations, hotels, and venues for events exceeding 1,000 attendees in the top 25 U.S. markets is a minimum of five years in advance. This timeline extends further for larger gatherings. We cannot guarantee availability and choice within a shorter timeframe, especially considering that second-tier markets often lack adequate support for large events.

This recommendation applies universally across the calendar, not just during traditionally busy quarters. LEO assists numerous corporate clients in navigating the search, evaluation, negotiation, and securing of hotel and convention space in the select U.S. markets capable of accommodating large groups with similar space requirements. Major players like AutoZone, Sherwin-Williams, Domino’s Pizza, and even Hilton book space five or more years in advance.

Supporting this perspective are recent developments such as the FY23 omnibus bill, which establishes the Assistant Secretary of Travel and Tourism — a role aimed at enhancing international business travel by facilitating large-scale conventions, sporting events, and meetings in the U.S., thus further tightening the availability of meeting space.

Despite a projected slower growth rate, business travel is expected to continue its upward trajectory in 2024, with a full recovery anticipated by 2026 and sustained growth thereafter, according to forecasts from the U.S. Travel Association.

Navigating the evolving landscape of destination and convention bookings requires foresight, strategic planning, and a keen understanding of market dynamics to secure optimal accommodations and event spaces for large-scale gatherings in the years ahead.