Figure 11: Year expected to make a full recovery in revenue by residential/non-residential
Residential
Non-residential
2022
45%
13%
2023
36%
60%
2024
18%
13%
2025
7%
Beyond 2026
7%
Neil Gardner, Division President, Conference Centers and Hotels, FLIK Hospitality Group , comments “It’s encouraging to see the increased optimism with many facilities expecting to return to Pre-Covid levels in 2023. But what’s more, I’m genuinely excited to see that 45% of Residential properties are anticipating an even sooner recovery…this year!”
Budgets and Priority Investments
With many looking to take the final step towards full recovery and best prepare themselves to support the meetings industry of the future, 84% of venues are planning to invest in their technological capabilities. Since the last MRoTF survey in the spring, the percentage of venues planning to invest in conference and meeting room spaces has increased from 65% to 70%. Public spaces were the next highest priority. Planned areas of investment are broadly comparable across the regions, although more North American venues (50%) have plans to invest in dining spaces than in Europe (41%), while European venues are more likely to invest in guest rooms (48% compared to 41% in the Americas).
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