June 09, 2010
By Michael B. Baker
Hotel chief executives speaking yesterday at New York University’s International Hospitality Industry Investment Conference said group business is propelling the industry’s recovery and that they expect it to become a bigger portion of their overall volume in coming years.
Hilton Worldwide President and CEO Christopher Nassetta said group business in recent months has rebounded much more quickly than expected. While year-over-year group business in November and December was down about 15 percent, by the end of April, it was up 7 percent.
“It’s not the kind of group we’re necessarily used to, and it’s not necessarily altogether the groups we want longer-term: very short-window, small- and medium-sized groups,” Nassetta said, “but that’s where we’re seeing the most momentum.”