During our first keynote at Cvent CONNECT, we announced the free, public beta release of Group Business Trends, an interactive portal that includes high-level data in four key categories: ADR, sales behaviors, RFPs, and planners. Built-in filters allow you to see our data on your specific major metropolitan area and hotel type.
We are committed to updating Trends every quarter. This initial release offers over four years of Cvent data and 62,000,000 data combinations. Our launch focuses on key markets including DC, LA, and Chicago, but we are exploring opportunities to include more.
As part of that promise, we will use our data to announce the trends we are watching in the industry. For this quarter, we dug deep into ADR and unearthed these interesting insights:
- Group Rates in North America have appreciated by roughly 5% compound annual growth rate (CAGR).
- Q3 is generally slow, and there is a consistent drop from Q2 to Q3 each year. This seasonal trend is largely due to Southeast and Southwest US Hotels.
- Western US is the only subregion that peaks in Q3, riding strongly in California.
- All Brand Scales have gained ADR since 2012, but Independents and Midscale Brands have appreciated more than others.
- Incentive Travel ADR has appreciated the highest (13% CAGR).
- ADR is largely seasonal and cyclic as expected. For example, New York generally peaks in Q4 and Miami in Q1.
- Urban destinations quote 8% higher sleep room rates than suburban destinations on average.
While we hope you feel empowered to use Trends to identify useful data points, we have also developed incredibly deep comp set reports that include far more data points and are customized to your competition. Those are part of our third Hospitality Cloud pillar: Group Business Intelligence.