HPN Global’s 2023 Year in Review: Trends and Triumphs in Meeting and Event Bookings
2023 was a remarkable year for HPN Global, marking significant achievements in meeting and event bookings across a variety of destinations, value brackets, market segments, and hotel service levels. This year’s success story is a testament to our relentless dedication to excellence, strategic sourcing, and fostering strong relationships in the hospitality industry.
Top Destinations of 2023
Our journey in 2023 took us to some of the most sought-after locations worldwide, with Orlando, Atlanta, San Diego, Scottsdale, Dallas, Miami, Denver, Las Vegas, Chicago, Houston, Washington, Mexico, and San Francisco leading the pack. These destinations stood out for their unique offerings, catering to a diverse array of events and meetings that spanned the corporate, association, and various SMERF segments.
Booking Value Insights
The value of business booked in 2023 was impressive, with 46% of our bookings valued at $250,000 or greater. The breakdown of our business further includes 25% in the $100,000 to $250,000 range, 23% between $25,000 to $100,000, and 7% at $25,000 or under, showcasing our ability to cater to events of all sizes and scales.
Market Segments
Diving into the market segments, the corporate sector led the way, accounting for 52% of our bookings. The association sector followed with a robust 33%, and the SMERF (social, military, educational, religious, fraternal) and other business segments contributed to the remaining 16%. This distribution highlights our strong foothold across different market segments, with a particular strength in serving the corporate world.
Hotel Service Levels
When it came to service levels of hotels booked, mid-scale hotels were the most preferred, making up 39% of our bookings. Upper, moderate, and luxury hotels each captured 26% of our bookings, reflecting our clients’ diverse preferences and needs. Limited and select service hotels rounded out the spectrum with 9%, illustrating our adaptability and wide-ranging hotel partnerships.
Booking Window Trends
The booking window trends of 2023 revealed a focus on relatively short-term planning, yet with substantial business sizes. Specifically, 24% of bookings were made in the year for the year, 38% for 2024, 17% for 2025, 8% for 2026, and an intriguing 13% for 2027 and beyond. This trend underscores our agility in meeting client needs while securing significant future business.
Looking Ahead
As we reflect on the accomplishments of 2023, it’s evident that HPN Global’s strength lies in our comprehensive understanding of the hospitality landscape, strategic sourcing capabilities, and dedication to building lasting relationships. Our success across various destinations, value brackets, market segments, and hotel service levels showcases our versatility and commitment to excellence. As we look to the future, we are excited to continue leading the way in meeting and event bookings, propelled by our corporate sector’s robust engagement and our strategic focus on short to medium-term booking windows.
Here’s to another year of exceeding expectations and forging new paths in the world of hospitality and event planning!