Knowland’s Meeting Recovery Forecast Q2 Update Reflects Stronger than Expected Performance

Q2 performance fuels adjusted forecast to reach full market recovery in 2023

ARLINGTON, Va. — July 20, 2022 — Knowland, the world’s leading provider of data-as-a-
service insights on meetings and events for hospitality, released the quarterly update to its U.S.
Meetings Recovery Forecast (MRF) and associated Top 25 U.S. Meetings Recovery Forecast
(MRF25) showing improved projected performance with a goal of providing the hospitality
industry with predictive insights into event recovery over the next three years.

Kristi White, chief product officer, Knowland, said: “Each month of the second quarter
realized significant growth. With the exception of a few markets, growth exceeded predictions
resulting in a shift in the MRF. Even with ongoing concerns about the economy and COVID
variants, the industry is rebounding in an unprecedented way. In Q1, U.S meetings and events
volume was flat with the forecast while Q2 over performed by 25.8 percent more actualized
meetings and events. Corporate events are leading the charge in this recovery with several
markets already recovered at more than 90 percent of 2019 levels in this segment.”

Knowland’s forecasts provide an overview of how the U.S. as a whole and the Top 25 Markets,
specifically, will move through recovery. Both the overall U.S. and the Top 25 Markets realized
a significant shift in performance. A breakdown of the details is below:

•  U.S. Markets Recovery Forecast update – Since the forecast in April, the outlook for
the U.S. has been raised from 58.3 percent recovery by the end of 2022 to 72.1 percent
recovery. Meeting levels will recover to 106.3 percent of 2019 levels in 2023 and 115.7
percent in 2024.
•  Top 25 Markets Recovery Forecast update – For eleven markets, the recovery forecast
improved from the last projection in April 2022, including Anaheim, Atlanta, Chicago,
Denver, Detroit, Nashville, New Orleans, Oahu Island, Orlando, San Diego, and Seattle.
In four markets, the recovery forecast was lowered including Houston, Philadelphia,
Phoenix, and Washington DC. The remaining Top 25 markets are unchanged from
February.

o  Recovery by the end of 2022: Four markets will be fully recovered by the end of
2022: Phoenix, Dallas, Tampa, and Nashville. Dallas and Nashville are new
additions to this list from April. Three markets will be above 80 percent recovery:
Atlanta, Anaheim, and Miami. Anaheim is a new entry into this category with this
updated forecast. Fourteen markets will be between 50 and 80 percent recovery.
Only Norfolk, Oahu Island, Philadelphia, and Seattle are forecasted to be less than
50 percent recovered by the end of 2022. Norfolk, Philadelphia, and Seattle
shifted into this category while Detroit and Chicago moved into the 50-80 percent
category.
o  Significant recovery in 2023: An additional seven markets will achieve 100
percent or greater recovery including Anaheim, Denver, Miami, San Diego, Washington DC, Atlanta, and New Orleans. Six will reach 90 percent or better
recovery: Boston, San Francisco, Houston, New York, Orlando, and Chicago. The
remaining markets will fall between 75 and 90 percent recovery.
o  Closer to normal in 2024: 23 of the 25 markets will achieve 100 percent or
greater recovery by 2024. Philadelphia and Detroit will achieve 90 or better
percent recovery during 2024.

About the MRF and associated MRF25: The MRF demonstrates projected industry recovery
patterns and is based on Knowland’s proprietary data and regression models leveraging almost
20 million global events over the last 15 years. The MRF25 was added in February 2022 to
provide the capability to search industry recovery patterns for the Top 25 U.S. Markets. The
forecast uses a natural recovery model, assuming historic seasonal patterns without major market
disruption, to index the recapture of meeting activity compared to baseline levels from 2019. By
comparing past data to evolving data trends, hoteliers can better understand market-relevant
changes–and their implications–as individual markets move into 2022 and beyond.

Top 25 Group Markets: Anaheim, Atlanta, Boston, Chicago, Dallas, Denver, Detroit, Houston,
Los Angeles, Miami, Minneapolis, Nashville, New Orleans, New York, Norfolk, Oahu Island,
Orlando, Philadelphia, Phoenix, San Diego, San Francisco, Seattle, St. Louis, Tampa, and
Washington DC.

ABOUT KNOWLAND
Knowland is the world’s leading provider of data-as-a-service insights on meetings and events
for hospitality. With the industry’s largest historical database of actualized events, thousands of
customers trust Knowland to sell group smarter and maximize their revenue. Knowland operates
globally and is headquartered just outside Washington DC. To learn more about our solutions,
visit www.knowland.com or follow us on Twitter @knowlandgroup.