As Business and Meeting Travel Begins to Rebound, Puerto Rico Convention Bureau Posts Robust Bookings
As experts forecast conservative growth within the meetings and conventions industry in 2004, the Puerto Rico Convention Bureau (PRCB) has released positive mid-year production results for fiscal year 2003/2004 (ending in June). These figures demonstrate strong group bookings and indicate that the Bureau is well on its way to meeting, and likely exceeding, its year-end goals in terms of total bookings and room nights.
During the first half of its fiscal year, covering the time period of July 1, 2003 through December 31, 2003, the Bureau has confirmed a total of 238 definite bookings, representing a 47% of its year-end goal, or 113,327 room nights. Compared with the same time period the previous year, these numbers reflect an increase in bookings of 36 percent for an estimated economic impact of $39.5 million. The majority of the bookings will visit the Island between now and 2007.
“We’re optimistic to see our meetings industry in Puerto Rico, which represents a significant share of hotel occupancies, picking up again,” said Jorge Pesquera, president and CEO of the Puerto Rico Convention Bureau. “With the scheduled opening of our new Convention Center in 2005, the largest and most advanced in the Caribbean, we are well-positioned to become the Meetings Hub of the Americas and capture a larger segment of the travel market.”
The top producer of definite room nights comes from the corporate sector with 41 percent of the total share (the finance/insurance, health/medical, services and pharmaceutical sectors), followed by the SMERF (social, military, educational, religious and fraternal) sector at 30 percent, and associations at 29 percent.
The Bureau has also reported a total of 59 site inspections with the potential to produce bookings of 42,039 room nights for the hotels, and an estimated economic impact of $15MM to the Island’s economy. The PRCB has also provided support services to 544 groups, representing an increase of 38 percent compared with the same time period in 2002.
