In serving this wide array of stakeholders, we focus on those measures of success that truly move needle of the hospitality/tourism economy. It is vital to report on these measurements and results.
Since we are at the midpoint of our calendar year, I want to share where we are on two of our key measures: (1) definite group room nights and (2) Minneapolis Convention Center (MCC) revenue. To date, there is very good news to report:
||Definite Group Room Night estimates
||MCC Revenue estimate
|% of Goal
Definite Group Room Nights are one of the many indicators of future success in our industry. So our current production in this area is very encouraging. We’ve had a very strong year of hosting major events thus far, with many other events taking place during the remainder of the year. However, it is the daily work in securing future events that keeps this economy humming into the future.
MCC Revenue is one of our most direct connections to the City of Minneapolis. Meet Minneapolis has been entrusted with the direct sales and marketing responsibilities for that very versatile building and our partnership continues to yield very positive results.
Much has been made recently about economic impact calculations. Economic impact is a useful tool but is nothing we can or will base major strategic decisions on. The fact of the matter is that our public and private stakeholders agree that key performance indicators like MCC revenue and definite group room nights truly move needle for us.
Other very objective measurements – such as hotel occupancy, average daily rate and revenue per available room – are accurate predictors of a wide range of visitor-generated taxes that flow to the City of Minneapolis' general fund. We closely monitor these utilizing trusted industry resources.
We welcome questions and comments on our work for the local hospitality/tourism industry. It's not just the nearly 35,000 Minneapolitans women and men who make their living in this great industry. It's all citizens who make Minneapolis a welcoming destination that is at the core of our industry's continued growth.