Helms, Roger 00004

Now that we have entered the final quarter of 2024, I want to take time to reflect on the state of our company and industry. Many of our Associates and leaders have recently returned from attending the IMEX America trade show, and it was an extremely productive event. If there was one common theme among everyone I spoke to at the conference, it was “BUSY!”.

Our partners, Associates, and industry leaders all shared how action-packed their schedules have been, with many discussions reinforcing the continued strong demand for meetings and events.

During my conversations with hoteliers and HelmsBriscoe Associates, they shared optimism around the state of the industry as we near the end of the year—a sentiment that has been echoed elsewhere in the industry, including at this year’s The Lodging Conference. Many also noted the importance of group bookings in meeting year-end sales goals.

While there are a few looming uncertainties that could impact the industry in the months ahead, including the US presidential election and economic implications, we are anticipating a strong finish to 2024 for the industry. Recent hotel forecasts show RevPAR holding at a projected growth of 2% for 2024, with occupancy anticipated to be at 63%. We are seeing industry-wide average daily rate (ADR) growth level off; however, we anticipate it will remain slightly up when compared year-over-year, fueled mainly by higher-end brands. We also know that costs associated with A/V, food and beverage, and other ancillary items remain elevated.

As a company, we had a record Q3 and look forward to a strong finish to the year. We appreciate all of our outstanding clients who continue to trust us with their business, and we are thankful for the opportunity to work alongside them to mitigate costs and identify the most ideal solutions for their meetings and events.