Luxury Sector Makes a Comeback

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Last week I read an interesting article by David Wilkening of TravelMole. I’ve including some of the key points of the article for those who would prefer not to subscribe.

The AIG effect, which caused many luxury hotels to be hit financially with millions of dollars in cancellations, seems to have released its hold on the industry.

Smith Travel Research predicts in 2010, top tier hotels will be the most successful. In fact, STR reports that the luxury sector has experienced an 8% growth over the past few months.

The article quotes Greg Champion, CEO of Benchmark Hospitality:

“Everyone talks about the AIG effect, but there are a lot of planners out there who say ‘If I can stay at a five-star for the same price as a three-or-four star, why wouldn’t I do that?”

In 2009, many of the planners using ConventionPlanit.com told us they could not consider luxury properties for their meetings. In the past few months, we’ve seen a renewed interest in higher-end properties.

These brands have also been offering meeting planners extra amenities, discounts, and meeting space at no charge to secure their business. (Check out the Divine Deal section of CP for current offerings).

While many meetings were cancelled or postponed last year, things seem to be looking up. The mantra for 2010 seems to be meetings will be held – with a solid value and purpose.

Have you experienced this trend in your own planning? Where are you holding your meetings and why?

Luxury hoteliers – has your meetings business increased? What do you attribute it to?

Face to Face Meetings at IMEX

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Maureen Pickell & Julio Rodriguez are having some great “face to face” time at IMEX in Frankfurt, Germany this week.

This year’s IMEX is the most successful to date with 3,500 exhibitors from 157 countries!

The ConventionPlanit.com Hosted Buyer Group was entertained royally by the Maison de la France at a very creative venue (the top floor of a parking garage!) with champagne, wine and regional cuisine from France.

Are you at IMEX? Regale us with your most interesting face to face!