Add news
March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024 April 2024 May 2024 June 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
25
26
27
28
29
30
News Every Day |

Democratic National Convention poised to drive up hotel room rates this summer — even more than Lollapalooza

Lollapalooza is typically the busiest weekend of the year for Chicago’s hotels, but 50,000 people flocking here for the Democratic National Convention this August are pushing hotel room rates even higher.

The average rate during the DNC is $534.88 a night, according to a Sun-Times search of downtown hotel rates during three major events taking place in the city this year — the convention, Lollapalooza and NASCAR Chicago Street Race Weekend. The search, which was conducted Thursday, looked at hotels within a one-mile radius of downtown Chicago.

The most expensive hotel with rooms still available for the DNC, taking place Aug. 19-22, was $1,077 a night at The Langham, a five-star hotel on the Chicago River.

Lollapalooza, the four-day music festival held every summer in Grant Park, trailed just behind the DNC. The average daily rate was $485.24 between Aug. 1-4. NASCAR’s street race weekend, July 6-7, averaged $278.29 per downtown hotel room.

The DNC was the only event for which some daily hotel rates climb above $1,000. The highest downtown hotel rates for Lollapalooza were capped at nearly $900, and NASCAR weekend rates are currently below $600.

Michael Jacobson, president and CEO of the Illinois Hotel & Lodging Association.

Michael Jacobson, president and CEO of the Illinois Hotel & Lodging Association.

Provided

“Our reliance has really increased on these major events supporting our hotels,” said Michael Jacobson, president and CEO of the Illinois Hotel & Lodging Association.

Hotel rates are supply and demand based — prices climb and vacancy dwindles when major events come to Chicago. This often leads to compression, Jacobson said, when both business and leisure travelers coming to Chicago for reasons other than events tend to stay in the suburbs.

“There's a benefit to not only just the downtown area, but also the entire Chicagoland area — including the suburbs — because of the higher rates that are driven by these major events,” Jacobson said.

And those staying in Chicago will be contributing much more than just hotel revenue. The projected economic impact of the DNC's approximately 50,000 attendees is $150 million to $200 million. That’s in line with the economic impact felt in previous host cities — like Philadelphia in 2016 — that drew similar crowds.

Chicago hotels, like The Blackstone Hotel in the South Loop, saw occupancy rates bounce back after the pandemic, but the Illinois Hotel and Lodging Assoication doesn't expect those rates to fully recover until 2028.

Chicago hotels, like The Blackstone Hotel in the South Loop, saw occupancy rates bounce back after the pandemic, but the Illinois Hotel and Lodging Assoication doesn’t expect those rates to fully recover until 2028.

Peyton Reich/Sun-Times

NASCAR and C3 Presents, the Texas-based company that produces Lollapalooza every year, didn’t provide estimates on attendance for this year’s events.

The Chicago Sports Commission at Choose Chicago enlisted the Sports Industry Research Center at Temple University to compile an economic impact report on the inaugural NASCAR weekend in 2023. The report found the race weekend generated $108.9 million in economic impact for Chicago, plus more than $8.3 million in tax revenue.

The street race weekend also helped drive the highest hotel revenue Chicago has seen for the Fourth of July weekend since 2015, according to NASCAR.

Last year “was a good summer,” Jacobson said. Summer 2023 hotel revenue totaled $825 million, according to Choose Chicago, and hotel taxes totaled $46 million. Both figures are all-time records for summer months.

News coverage and analysis of the 2024 Democratic National Convention, being held in Chicago.
The latest updates and coverage of Lollapalooza, Chicago’s biggest music festival, including performance reviews and photo galleries.
Sports, news and entertainment coverage on the NASCAR Chicago Street Race and how its presence downtown affects the city and its residents.

With the DNC and biannual International Manufacturing Technology Show, which is estimated to bring in over 100,000 attendees in early September, 2024 is projected to be even better for hotels and tourism.

“People were very happy. I think people are in a much better spot than they were several years ago,” Jacobson said. “There's still much more room to grow. A lot of other markets have recovered to their pre-pandemic levels. We have not, so I think that there is some kind of anxiousness to hit that kind of milestone.”

In June 2019 — before the pandemic disrupted travel and the tourism industry at large — Chicago’s hotel occupancy climbed to 88.3%. June 2023 was at 76%.

The IHLA projects June occupancy hitting 82.8% this year, within reach of pre-pandemic levels. The association doesn’t predict a full occupancy recovery until 2028.

Lagging international and individual business travel are two big reasons why recovery is still years away, Jacobson said.

“International travelers are the golden goose of tourism,” he said. “They come, they stay longer, and they spend more when they're in the U.S.”

Leisure travel was the big winner last year, with demand for hotel rooms up 8% from last year. Conventions have also made a comeback, but their attendance is still behind pre-pandemic figures.

Big summer events won’t just give hotels the boost they need to return to normal occupancy levels — they’ll provide a long-term impact on people’s opinion of Chicago, Jacobson said, luring even more visitors.

“The fact that we did get the DNC. I think that's helping prove some of the haters wrong,” Jacobson said. “Chicago's not down and out. We're winning these high-visibility, high-impact meetings, and I think that will kind of dovetail into changing a lot of other people's perceptions.”

Новости 24 часа

Юные таланты под эгидой Фонда Спивакова дали концерт в «Михайловском»

Frustrated England stars including Kane and Bellingham consoled by Wags and family in stands after tame Denmark draw

Meet Slovenia’s gorgeous Wags, from a mummy blogger and influencer to a professional tennis star

Sophie Turner Keeps it Glam While Attending Grand Opening of Peninsula London

PGA Tour Commissioner Jay Monahan shuts down Saudi agreement rumors: “complex scenario”

Ria.city






Read also

NDLEA busts snake-guarded shrine used to store illicit drugs in Edo

Oops! County makes embarrassing discovery about one of its roads

Sunnyvale seeks residents, workers to help with city manager search

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

Meet Slovenia’s gorgeous Wags, from a mummy blogger and influencer to a professional tennis star

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

PGA Tour Commissioner Jay Monahan shuts down Saudi agreement rumors: “complex scenario”



Sports today


Новости тенниса
Уимблдон

Елену Рыбакину «лишили» Уимблдона



Спорт в России и мире
Москва

В сочинском парке «Ривьера» установили национальный рекорд по массовой медитации



All sports news today





Sports in Russia today

Москва

«Лето в Москве»: необычные спортивные занятия проведут для горожан 23 июня


Новости России

Game News

На смартфоны выйдет игра Too Hot to Handle 3 по реалити-шоу «Испытание соблазном»


Russian.city


Москва

СМИ: Основателя «Русских фондов» Васильева задержали в Тверской области


Губернаторы России
Алексей Сёмин

В АО «Транснефть – Дружба» завершились соревнования добровольных пожарных дружин


Терапевт Тарасов: болезнь порфирия делает человека похожим на вампира

Юные таланты под эгидой Фонда Спивакова дали концерт в «Михайловском»

«Он карабкался за каждую ниточку»: подросток выпал из окна больницы в Москве и погиб

США нанесли удар по российским туристам. К чему готовятся туроператоры


Премьера мюзикла по песням Александра Розенбаума намечена на осень 2025 года

Певец Shaman дал концерт в Химках

Литература: Почему Владимир Высоцкий всю жизнь мечтал познакомиться с Иосифом Бродским, а после встречи расплакался, как ребенок

"Вторым быть не хотел". Юрий Визбор VS. Владимир Высоцкий


Шокирующая информация появилась о здоровье Елены Рыбакиной

Елену Рыбакину «лишили» Уимблдона

Российские теннисисты подпишут декларацию о нейтралитете для участия в Уимблдоне

Появились новости о здоровье Елены Рыбакиной перед турниром в Англии



На фестивале «День молодежи» пройдет конкурс короткометражного кино

Новый релиз DomNi & GOR - Прости или отпусти

Сергей Собянин. Главное за день

Поздравление по случаю 6-летия партии «Армянские Орлы. Единая Армения»


Продвижение Шансон Песен и Клипов ВКонтакте.

NYT: Визит Путина в КНДР и Вьетнам реализовал худшие опасения США

Путин запланировал международные контакты в Москве на следующей неделе

Космос – Динамо Владивосток где смотреть матч, во сколько прямая трансляция, время начала игры Вторая Лига 25 июня


США нанесли удар по российским туристам. К чему готовятся туроператоры

Чита может стать культурной столицей России

Переезд в Маслозаводском переулке закрыли на сутки

NetEase: Китай отверг предложение предать Россию, на что США промолчали



Путин в России и мире






Персональные новости Russian.city
Сергей Брановицкий

Продвижение Песни или Музыки в YouTube, RuTube, ВКонтакте, ЯндексДзен и других видеоплощадках!



News Every Day

Sophie Turner Keeps it Glam While Attending Grand Opening of Peninsula London




Friends of Today24

Музыкальные новости

Персональные новости