Hyatt CEO: Corporate travel is recovering
Mark Hoplamazian, CEO of Hyatt Hotels Corp. confirms demand from business groups has been growing in recent months, packing the banquet halls and conference rooms at many of the chain’s 554 hotels across the world.
The first wave of the recovery was driven by “transient” guests — defined as those traveling for leisure or for short individual stays. Now the so-called “group” business, an important element of Hyatt’s financial performance, is beginning to strengthen.
Hoplamazian also said “Over the last four quarters, that business has started to show acceleration.” He added that room demand in its China properties has stabilized in recent months, after a tough 2013, when a severe curtailment of travel by government workers and state-related companies hit hard.
The business-group business usually lags behind individual-travel demand in an economic recovery, but this cycle the rebound was even more subdued thanks to an abiding conservatism by corporate management teams and generally slow global growth.