So here at The Conference Bench we have been doing quite a bit of year to date data analysis of late, and we wanted to share some of our results with you, as the data has been pretty staggering:
January 2010 - August 2010
Total Revenue:
London: £40,726, 201 (15 hotels)
Dubai: AED 174,754,126 (24 hotels) (approx £30,444,970)
Abu Dhabi: AED 103,292,997 (10 hotels) (approx £17,995,296)
Now, bearing in mind these totals are for just a small sample of venues in each of our cities, you begin to wonder how much money is actually out there for companies and private individuals to spend on Conference and Events! I mean the total for these three cities will be well over £100million come the end of September, between 50 hotels, and we have the busiest conference season yet to come, in October, November and December! I will be very interested to see the year end results for our expanded samples in all of our markets.
We do come across a few hotel companies that are yet to take their conference figures seriously... surely figures like the above will get them to sit up and take notice of how their space is performing? Are they grabbing any significant part of this massive multinational business?
As an aside the occupancy for the above markets is as follows:
London: 38.60%
Dubai: 38.91%
Abu Dhabi: 42.53%
These occupancy figures may seem to be fairly low to the eye that is accustomed to reading bedroom occupancies in the 80's and 90 percentage bracket. However the top performing hotels in the Conference Bench average between 50 - 70% occupancy. Just imagine if these markets could eke another 10 - 12 % in occupancy, the difference to the Revenue would be intriguing to say the least.
What do you think? Are you grabbing your fair share of this massive amount of revenue?
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