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Los Angeles Revitalization Boosts Meeting ROI

 

Once considered an after business hours ghost town, the opening of the Staples Center in 1999 and since then, the opening of LA Live and Disney Hall and a resurgence of clubs and restaurants, has attracted a steady growth of vistors and locals alike.  Downtown's residential population jumped almost 60% between 2006 and 2011, to more than 45,000 people, according to the Downtown Center Business Improvement District.

The Los Angeles region attracted a record 41.4 million visitors last year, up 2.5% from 2011, according to the Los Angeles Tourism & Convention Board.  As a result, developers and hoteliers are responding to a surge in downtown visitors brought on by the combination of rising regional tourism demand and an expanding number of attractions to the area.

At least 10 downtown Los Angeles hotels totaling almost 5,000 rooms will have been either built or extensively renovated between 2010 and 2017. Downtown's hotel-room inventory, which stands at about 5,000 rooms, is slated to jump about 30% within the next four years.

These hotel renovations are big business for planning group and meeting events, with more inventory closer to a revitalized downtown.

According to Smith Travel Research, the Los Angeles-Long Beach hotel market experienced an 11% jump in revenue per available room (RevPAR), outpacing the 6.8% overall U.S. RevPAR growth and trailing just five U.S. markets in that department.

Over the past three years, Los Angeles-area hotel RevPAR is up 34%, while average room rates have risen about 14%. However, despite these steady increases, Los Angeles-area hotel-room supply actually shrunk 1% last year, the second-largest percentage drop in the U.S. to Norfolk-Virginia Beach.

As many meeting planners and travel managers are looking to keep their event costs down, Los Angeles offers a solid ROI in terms of hotel and ground transportation costs.

Exclusive Sedan Service Worldwide offers limousine service and ground transportation services for groups, meetings and events of all sizes.  Our expertise in ground transportation for meetings & groups delivers the reliability, exceptional level of service and ROI that you need for your meetings, groups & events.  Give us a call today to speak about how we can help you make your next meeting memorable.

[caption id="attachment_590" align="alignnone" width="300"]limo service los angeles, limousine service LA, sedan service Click on picture to see a larger image (Source: http://www.travelweekly.com)[/caption]

 

Posted on Mar 08 2013

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