Conferences And Corporate Bookings Rebound As Hotel Industry Sees Rise in Group Travel Revenue

Group travel is helping to support the hotel industry, with revenue per available room for group bookings rising in the first eight months of 2024, according to CoStar Group. Conferences and group businesses are typically slow to recover after a downturn due to their high upfront costs, which makes them a prime target for cuts during economic challenges. Analysts predict group travel will remain a key driver for the hotel business into 2027 despite occupancy rates being slightly below pre-pandemic levels.