executive meeting & events center marketing and economic impact study

Executive Meeting and Events Center

Market and Economic Impact Study –

Montgomery County, Pennsylvania

Report Prepared For:

King of Prussia District &

Valley Forge Tourism & Convention Board

Montgomery County Executive Meeting and Events Center Market & Economic Impact Study

January 2015

Contents

Executive Summary ................................................................................. ii

E1 Montgomery County Scorecard Analysis ....................................................... iii

E2 King of Prussia Lodging Market Analysis ...................................................... iv

E3 Facility Dimensions & Comparable Facilities ................................................. vi

E4 Feedback from Key Stakeholders ................................................................. vii

E5 Demand & Attendance Projections .............................................................. viii

E6 Potential Economic Impacts........................................................................... ix

1 Introduction ..................................................................................... 1

1.1 Background ................................................................................................. 1

1.2 Report Structure .......................................................................................... 2

2 Local Market Conditions & Scorecard Analysis ............................ 3

2.1 Montgomery County - Background ............................................................. 3

2.2 Infrastructure ............................................................................................... 4

2.3 Companies & Employment ......................................................................... 7

2.5 Local Hotels ..............................................................................................12

2.5.1 Hotel Stock & Hotel Room Density ...................................................12

2.6 Retail Offerings .........................................................................................15

2.7 Overall Scorecard Analysis .......................................................................18

3 King of Prussia Lodging Market Analysis ................................... 21

3.1 King of Prussia Lodging Market ................................................................21

3.2 Hotel Benchmark & Comp Set Analysis ...................................................24

4 Comparable Venues ...................................................................... 29

4.1 Smaller Convention Centers .....................................................................29

4.2 Profiles of Comparable Facilities ..............................................................33

5 Facility Dimensions & Details ....................................................... 45

5.1 Data Normalization ...................................................................................45

5.1.1 Total Sellable Space .........................................................................45


January 2015

5.1.2 Main Exhibit Hall & Banquet Hall SF ................................................46

6 Industry Trends ............................................................................. 50

6.1 The Meetings Industry ..............................................................................50

6.2 Convention Center Trends ........................................................................51

6.3 MICE Industry Trends ...............................................................................52

6.3.1 Reports on the death of meetings are exaggerated .........................52

6.3.2 Meetings are driving economic development ...................................55

6.3.3 Cost consciousness is defining choices ...........................................57

6.3.4 Events are reaching further ..............................................................59

6.3.5 DMOs are driving MICE growth ........................................................59

6.3.6 Events are becoming more targeted.................................................61

7 Feedback from Key Stakeholders ................................................ 62

7.1 Economic Development Professionals .....................................................62

7.2 Potential Corporate Users .........................................................................63

8 Demand Projections ...................................................................... 65

8.1 Projected Events .......................................................................................65

8.2 Projected Attendance ................................................................................67

9 Economic Impacts ......................................................................... 69

9.1 Event Turndowns ......................................................................................69

9.2 Direct Event Spending ..............................................................................69

9.3 Room Nights Generated ...........................................................................70

9.4 Economic Impacts Defined .......................................................................71

9.5 Projected Economic Impacts – Montgomery County ................................72

9.6 Projected Economic Impacts – State of Pennsylvania .............................74


January 2015

ii

Executive Summary

In 2012, the Valley Forge Casino Resort (VFCR) opened its doors, becoming the 11th casino in

Pennsylvania. While the casino represented a new attraction and recreation option in Montgomery

County, it led to a drastic reduction in available space at the Valley Forge Convention Center, and 54,000

square feet (sf) of convention center space was removed from the local market in Montgomery County.

With the reduced exhibit space and meetings and convention offerings, companies and organizers that

used to host events at the Valley Forge Convention Center had to find new venues for their events. In

addition, while the majority of new casino patrons at VFCR are day-trippers, the lack of corporate

meeting/event space in the region has led to reduced demand from the overnight market segment and

lost business opportunities and revenues from the convention/meetings industry.

Local stakeholders believe there is need for corporate/convention meeting and event space that would

effectively replace the lost meeting space and business opportunities since the opening of VFCR. One

main viewpoint mentioned repeatedly by key stakeholders is that the region lacks an attractive, state-of-

the-art facility that can accommodate larger groups. While there are a few newer facilities in the region,

they are too small for larger groups. In addition to providing conventional meeting space, the facility

could also serve as an event and entertainment center, potentially creating strong synergies with the

variety of amenities and facilities that currently exist in Montgomery County.

With the addition of ten new hotels and a significant increase in lodging supply in Montgomery County in

recent years, the proposed executive meeting and events center could be a standalone facility and

capitalize on the supply of existing hotels based on a strategic geographic location. The facility could

have restaurant and retail offerings that would create synergies with existing retailers, restaurants, and

recreation/entertainment options surrounding the facility. In addition, as the facility attracts meetings and

overnight guests, it could boost group demand and serve as a main revenue generator for local hotels

and other local businesses throughout Montgomery County.

Main objectives of the study include:

Provide a framework to assess local market conditions to identify a suitable location

for the proposed executive meeting and events center in Montgomery County;

Project levels of demand and usability at the facility; and

Estimate the potential economic impacts attributable to the facility.


January 2015

iii

E1 Montgomery County Scorecard Analysis

To identify key localities within Montgomery County that would serve as ideal

candidates for a new executive meeting and events center, the analysis focused on the

following local market conditions:

Infrastructure

Companies & employees

Existing hotels

Retail offerings

Demographics

Census places throughout Montgomery County received index scores based on their ranking for each

variable. Figure E1 provides summary rankings and final index scores for the top scoring Census

places in Montgomery County.

As shown, King of Prussia ranks first (index scores of 100) in all measured categories and

has a final scorecard value of 400 (note: higher final index scores are better). Blue

Bell/Plymouth Meeting is a second with a final score of 170, as it ranked slightly behind

King of Prussia in a number of categories. Horsham/Hatboro/Willow Grove ranks third

with a final scorecard value of 166.

Figure E1: Summary Rankings & Final Index Scores, by Census Place

Place Index Score -

Interstate Exits

Index Score-

Companies with More than 100

Employees

Index Score - Hotel

Rooms

Index Score - Retail Sales

Final Index Score

King of Prussia 100 100 100 100 400

Blue Bell/Plymouth Meeting 50 50 45 25 170

Horsham/Hatboro/Willow Grove 20 50 46 50 166

Fort Washington 33 25 18 33 109

Conshohocken/West Conshohocken

33 25 19 13 90

Norristown borough 0 13 1 0 14

Source: Tourism Economics (2014)


January 2015

iv

E2 King of Prussia Lodging Market Analysis

After identifying King of Prussia as the ideal location for a new executive meeting

and events center in Montgomery County, the analysis focused on the lodging

market in King of Prussia. As mentioned previously, Montgomery County and King

of Prussia lost considerable meeting and exhibit space when the Valley Forge

Casino Resort opened its doors in 2012. This loss of meeting and event space led

to a corresponding loss in group room demand in the local lodging market. The

research team identified a set of nine hotels in, and proximate to, King of Prussia as

the King of Prussia Proximate Set. These are properties affiliated with national

chains categorized by Smith Travel Research (STR) as upscale or upper upscale,

plus the VFCR, which was specifically added given its location and facilities. This

set of hotels is a sub-set of the broader inventory of hotels in the area.

As shown in Figure E3, group occupancy contribution in 2011 at the King of Prussia

Proximate Set was 22.5%. In other words, group room nights filled 22.5% of

available rooms, representing 36.2% of room demand. After the loss of convention

and meeting space when VFCR opened, group occupancy contribution dropped five

percentage points and registered just 17.5% in 2012. The trend continued in 2013

as group occupancy contribution dropped to 16.3%. Based on current performance

levels, a new corporate/convention meeting and events center could be a catalyst

for attracting overnight guests, generating new group room demand and boosting

group occupancy contribution to levels similar to those prior to the opening of the

casino in 2012.

Figure E3: Chart of Group Occupancy Contribution, King of Prussia Proximate Set of Hotels, 2008-2012

Source: Smith Travel Research & Tourism Economics (2014)

24.2%

21.5%

23.8%22.5%

17.5%16.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2008 2009 2010 2011 2012 2013

Group Occupancy Contribution (%)King of Prussia Set of Hotels


January 2015

v

The analysis compared the King of Prussia Proximate Set of hotels to two benchmark

groups.

The first benchmark set consisted of hotels in the broader Mid-Atlantic Region with

greater than 350 rooms. This set ranged from large group-oriented hotels in Center

City Philadelphia, such as the Marriott Philadelphia Downtown, to mid-size hotels in

suburban markets. It excluded hotels in Manhattan, and in Atlantic City. Many of the

properties have substantial in-house meeting space, and in some cases, are

proximate to a large meeting and events center.

The second benchmark set consisted of selected regional hotels in Pennsylvania and

New Jersey with between 200 and approximately 400 rooms, and at least 15,000

square feet of in-house meeting space. These properties are in lower density

submarkets, rather than in urban core locations, and do not have proximate access to

major convention facilities.

Figure E4 compared group occupancy contribution (%) at the King of Prussia set of hotels to

the two identified benchmark groups from 2008 to 2013. As shown, the King of Prussia

Proximate Set suffered the most substantial drop in group occupancy contribution over the

time period and had the lowest contribution in 2013.

Figure E4: Group Occupancy Contribution, King of Prussia Set of Hotels and Benchmark Groups


Overall, the analysis of the lodging market in King of Prussia indicates that there is potential

opportunity for the proposed executive meeting and events center to generate group room demand

and boost group occupancy contributions to similar levels prior to the loss of event and convention

space when VFCR opened its doors.

15.0%

17.5%

20.0%

22.5%

25.0%

27.5%

30.0%

32.5%

35.0%

2008 2009 2010 2011 2012 2013

Regional hotels with 350+ rooms

Selected regional hotels with meeting space

King of Prussia proximate hotels

Group Occupancy Contribution (%)King of Prussia Set of Hotels & Benchmark Groups


January 2015

vi

E3 Facility Dimensions & Comparable Facilities

Preliminary plans indicate that the executive meeting and events center could have 125,000 square feet (sf)

of total sellable space: a 50,000 sf main exhibit hall, 25,000 sf banquet hall, and approximately 20 meeting

rooms. To assess these proposed facility dimensions, the research team assembled detailed data on a

number of comparable convention and meeting facilities in varying communities nationwide. The set of

comparable convention and meeting facilities was based on a number of criteria, including total event space,

local population and employment base, years of operation, and gross revenue. The group of facilities

included in the analysis was selected to provide a range of values for the specified metrics. For example,

the comparable set of facilities has total square footage ranging from 84,500 sf to 200,000 sf. Providing a

range, allows for the comparison of the proposed 125,000 sf at the proposed Montgomery County executive

meeting and events center. Figure E5 summarizes facility details for the identified comparable facilities.

Figure E5: Meeting & Events Centers Performance and Facility Detail

DetailOverland,

KS

Lancaster,

PAIrving, TX

Gwinnet,

GAWaco, TX

Richmond,

VA

Niagara

Falls, NY

Raleigh,

NC

Opened 2002 2009 2011

Opened

1992,

expansion in

2003

Major $17.5M

renovation in

2012,

2002 2004 2008

Total Construction Cost ($ Millions) $178 $133 $134 $170 $225

Total Space (SF) 140,000 90,000 170,000 84,500 125,000 178,000 116,000 200,000

Construction Cost per SF $1,973 $782 $1,586 $955 $1,125

Year 2013 2012 2013 2013 2012 2012 2012

Gross Revenue $9.4 $1.6 $6.6 $10.9 $3.1 $2.4 $6.2

Net Income $0.6 -$1.0 -$1.4 -$0.4 -$0.3 -$1.5

Rental Income $1.4 $1.5 $1.3 $3.8

Food/Beverage Revenue $6.4 $0.1 $4.0 $1.6

Events hosted 400 241 341 281 229 300

Room nights generated 89,000 133,765 14,000 70,000

Attendees 128,883 345,000 36,796 440,000

Main Exhibit Hall (SF) 60,000 46,000 50,000 50,000 50,000 175,000 32,000 150,000

Banquet Hall (SF) 26,000 8,700 20,000 21,600 14,000 30,000 19,500 33,000

Other Meeting Space Noted

7 additional

meeting

rooms of

various

sizes

20 meeting

rooms

20 additional

meeting

rooms of

various sizes

23 additional

meeting

rooms of

various

sizes

14 additional

meeting

rooms, 2,000

SF theater

36 total

meeting and

banquet

rooms

15 meeting

rooms,

49-seat

amphitheater

20 meeting

roomgs

Attached Hotel412 Room

Sheraton

299 Room

Marriott

Reportedly a

new hotel will

open in 2015

(no affiliation

specified)

No (but deal

with Marriott

to build one

was just

announced)

No Yes No Yes

Facility Size

Financial Data ($ Millions)

Construction

Convention Center Performance and Facility Detail

Events & Room Nights


January 2015

vii

E4 Feedback from Key Stakeholders

Overall, economic development professionals who were surveyed indicated that

they strongly supported a new executive meeting and events center in Montgomery

County. While some of the interviewees felt the new facility would be best situated

in the King of Prussia area, others felt Lansdale would be the most ideal location.

All economic development respondents felt that levels of demand are more than

adequate to warrant a new meeting and events center. According to certain

respondents, existing meeting and events clients at regional facilities have

expressed the desire for new space for smaller corporate meetings. According to

ownership/management at the Greater Philadelphia Expo Center at Oaks, the

facility has had tremendous success and has exceeded all forecasts since opening.

While the facility primarily deals with consumer/trade shows, its success could

complement activity at a new executive meeting and events center.

One common theme among respondents was technology and versatility.

Respondents indicated that to attract a wide variety of events and clients the

proposed meeting and events center must be a versatile, multi-use facility in order.

Further, to be successful, the facility must be able to attract business throughout the

year.

An additional factor echoed repeatedly across respondents was the importance of

the proposed facility and regional economic development. Respondents felt the

facility could be an important driver to spur economic development in Montgomery

County, particularly for increasing group room demand at local hotels.

The research team also conducted interviews with representatives from local

corporations and businesses to better understand the needs of potential users of the

proposed meetings and events center.

One main viewpoint mentioned by all of the potential user respondents is that the

region lacks an attractive, state-of-the-art facility that can accommodate larger

groups. While there are a few newer facilities in the region, they are too small for

larger groups.

Respondents indicated that the most important factors that would influence their

decision to use the proposed executive meeting and events center include

convenience/location, price, technology, and customer service. Additional

characteristics factoring into their decision would include the facility’s amenities,

ease and availability of parking, minimal traffic issues, a high quality building and

experience, and good catering options.

Regarding space requirements, potential user respondents indicated they would

need meeting space for 25-200 people and maximum space for 2,000 people.


January 2015

viii

E5 Demand & Attendance Projections

Figures E6 and E7 summarize potential number of events and attendance, respectively, at the proposed

Montgomery County executive meeting and events center. These estimates are provided as representative

levels of operation consistent with the market opportunity as assessed in this analysis. These estimates are

provided for the purpose of illustrating the potential for facility operations in this market context and for the

purpose of quantifying the potential economic impacts associated with such a facility.

Figure E6: Projected Events at Proposed Montgomery County Executive Meeting and Events Center


Figure E7: Projected Attendance at Proposed Montgomery County Executive Meeting and Events Center


Event Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Exhibit Events

Conventions & Tradeshows 16 18 20 22 24 24 24 24 24 24

Consumer & Specialty Shows 6 7 8 8 8 8 8 8 8 8

Subtotal, Exhibit Events 22 25 28 30 32 32 32 32 32 32

Cultural & Social Events

Meetings & Seminars 106 108 110 110 110 110 110 110 110 110

Banquets 40 42 44 46 48 48 48 48 48 48

Entertainment Events 6 7 8 8 8 8 8 8 8 8

Civic Events & Other Events 20 22 24 26 28 28 28 28 28 28

Subtotal, Cultural & Social Events 172 179 186 190 194 194 194 194 194 194

Total Events 194 204 214 220 226 226 226 226 226 226


Exhibit Events

Conventions & Tradeshows 5,440 6,480 7,400 8,360 9,120 9,120 9,120 9,120 9,120 9,120

Consumer & Specialty Shows 4,500 7,000 9,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

Subtotal, Exhibit Events 9,940 13,480 16,400 18,360 19,120 19,120 19,120 19,120 19,120 19,120


Meetings & Seminars 31,800 35,100 37,125 38,500 38,500 38,500 38,500 38,500 38,500 38,500

Banquets 12,000 13,650 14,850 16,100 16,800 16,800 16,800 16,800 16,800 16,800

Entertainment Events 7,200 9,100 10,800 11,200 11,200 11,200 11,200 11,200 11,200 11,200

Civic Events & Other Events 17,000 19,250 21,300 23,400 25,200 25,200 25,200 25,200 25,200 25,200

Subtotal, Cultural & Social Events 68,000 77,100 84,075 89,200 91,700 91,700 91,700 91,700 91,700 91,700

Total 77,940 90,580 100,475 107,560 110,820 110,820 110,820 110,820 110,820 110,820


January 2015

ix

E6 Potential Economic Impacts

Figure E8 summarizes the projected countywide economic impacts of the proposed

facility. In Montgomery County, $30.1 million of total event spending in the facility’s

first year of operations is estimated to generate $19.1 million in indirect and induced

expenditures, resulting in an economic impact of $49.2 million throughout

Montgomery County. This countywide economic impact is estimated to include $9.0

million in employee salaries and wages, supporting an estimated 416 total jobs.

Once the proposed facility reaches its stabilized year of operations in year five, the

total countywide economic impact is estimated to amount to $85.0 million, including

$15.6 million in employee salaries and wages, supporting 719 total jobs throughout

the county.

Figure E8: Projected Economic Impacts, Montgomery County ($ Millions & Total Jobs)


Figure E9 summarizes the projected statewide economic impacts of the proposed

facility. In the State of Pennsylvania, $30.1 million of total event spending in the

facility’s first year of operations is estimated to generate $33.5 million in indirect and

induced expenditures, resulting in an economic impact of $63.6 million throughout

the State. This statewide economic impact is estimated to include $19.0 million in

employee salaries and wages, supporting an estimated 818 total jobs. Once the

proposed facility reaches its stabilized year of operations in year five, the total

statewide economic impact is estimated to amount to $109.9 million, including $32.8

million in employee salaries and wages, supporting 1,415 total jobs throughout the

State.

Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Total Event Spending

($ Millions) $30.1 $38.5 $45.4 $50.1 $52.0 $52.0 $52.0 $52.0 $52.0 $52.0

Indirect & Induced Expenditures

($ Millions) $19.1 $24.5 $28.8 $31.8 $33.0 $33.0 $33.0 $33.0 $33.0 $33.0

Total Economic Impact

($ Millions) $49.2 $63.0 $74.2 $81.9 $85.0 $85.0 $85.0 $85.0 $85.0 $85.0

Total Employment Impact 416 533 628 693 719 719 719 719 719 719

Total Employee Salaries &

Wages ($ Millions) $9.0 $11.5 $13.6 $15.0 $15.6 $15.6 $15.6 $15.6 $15.6 $15.6

Economic Impacts - Montgomery County


January 2015

x

Figure E9: Projected Economic Impacts, State of Pennsylvania ($ Millions & Total Jobs)


Figure E10 summarizes the projected impacts of the proposed facility by total room

nights generated at local hotels, primarily in Montgomery County. As shown, in the

first year of operation, the facility is estimated to host 194 events and nearly 78,000

attendees, generating 36,564 total room nights at local hotels. By the time the

facility reaches steady state operations in year five, it is anticipated to host 226

events and 110,820 attendees, generating 52,737 total room nights.

Figure E10: Projected Lodging Impacts, Montgomery County


Assuming approximately 70% of the 52,737 room nights will represent incremental

room demand to the local area, the proposed facility has the potential to raise

occupancy levels among a group of 15 local hotels by 3.9 percentage points, and

raise RevPAR by $4.90 (in 2013 dollars). Among these hotels, the effects are

expected to be concentrated at ten hotels in particular, yielding a potential

occupancy rate increase of 4.7 percentage points, with a RevPAR gain of $5.94 (in

2013 dollars). This potential impact would increase the group occupancy

contribution at these hotels to approximately 21.0%, which is close to the 22.5%

group occupancy contribution realized by these hotels in 2011, before the reduction

in available space at the Valley Forge Convention Center.



($ Millions) $30.1 $38.5 $45.4 $50.1 $52.0 $52.0 $52.0 $52.0 $52.0 $52.0


($ Millions) $33.5 $42.9 $50.6 $55.8 $57.9 $57.9 $57.9 $57.9 $57.9 $57.9


($ Millions) $63.6 $81.4 $96.0 $105.9 $109.9 $109.9 $109.9 $109.9 $109.9 $109.9

Total Employment Impact 818 1,048 1,236 1,363 1,415 1,415 1,415 1,415 1,415 1,415


Wages ($ Millions) $19.0 $24.3 $28.6 $31.6 $32.8 $32.8 $32.8 $32.8 $32.8 $32.8

Economic Impacts - State of Pennsylvania


Total Events 194 204 214 220 226 226 226 226 226 226

Total Attendance 77,940 90,580 100,475 107,560 110,820 110,820 110,820 110,820 110,820 110,820

Total Room Nights Generated 36,564 42,783 47,674 51,156 52,737 52,737 52,737 52,737 52,737 52,737


January 2015

1

1 Introduction

1.1 Background

The meetings industry is a significant economic engine for the US economy. Recent

studies have shown that the US meeting industry played a critical role in a recovering

economy, as it supported jobs in communities across America and created environments

that foster innovation and business success. In 2012 there were an estimated 1.83

million corporate and business meetings, trade shows, conventions, congresses,

incentive events, and other meetings in the US. These meetings generated $280 billion in

direct spending, $67 billion in labor income, and $28 billion in federal, state, and local tax

revenues, while supporting 1.8 million total jobs.1

In 2012, the Valley Forge Casino Resort (VFCR) opened its doors, becoming the 11th

casino in Pennsylvania. While the casino represented a new attraction and recreation

option in Montgomery County, it led to a drastic reduction in available space at the Valley

Forge Convention Center, and 54,000 square feet (sf) of corporate meeting/event space

was removed from the local market in Montgomery County. With the reduced exhibit

space and meetings and convention offerings, companies and organizers that had hosted

events at the Valley Forge Convention Center have had to find new venues for their

events. In addition, while the majority of new casino patrons at VFCR are day-trippers,

the lack of corporate meeting/event space in the region has led to reduced demand from

the overnight market segment and lost business opportunities and revenues from the

convention/meetings industry.

Local stakeholders believe there is need for approximately 100,000+ square feet of

corporate meeting and event space that would effectively replace the lost meeting space

and business opportunities since the opening of VFCR. In addition to providing

conventional meeting space, the facility could also serve as an event and entertainment

center, potentially creating strong synergies with the variety of amenities and facilities

that currently exist in Montgomery County.

There has been a significant increase in lodging supply in Montgomery County in recent

years including the addition of ten new hotels, the proposed executive meeting and

events center could be a standalone facility capitalizing on the supply of existing hotels.

Based on a strategic geographic location, the facility could have restaurant and retail

offerings that would create synergies with existing retailers, restaurants, and

recreation/entertainment options surrounding the facility. In addition, as the facility

attracts meetings and overnight guests, it could boost group demand and serve as a

main revenue generator for local hotels and other local businesses throughout

Montgomery County.

1 Source: Economic Significance of Meetings, Convention Industry Council


January 2015

2

1.2 Report Structure

Main objectives of the study include:

Provide a framework to assess local market conditions to identify a suitable location

for the proposed executive meeting and events center in Montgomery County;

Project levels of demand and usability at the facility; and

Estimate the potential economic impacts attributable to the facility.

The remainder of the report is broken down into the following sections:

Section 2 outlines local market conditions in Montgomery County and includes a

scorecard analysis of various metrics to identify potential locations for the proposed

executive meeting and events center. The scorecard metrics include public

transportation, highway accessibility, number of companies, and retail offerings.

Section 3 provides an in-depth analysis of the King of Prussia lodging market.

Section 4 identifies similar sized meeting and convention facilities throughout the US

and also provides in-depth case studies for a selected set of comparable facilities

Section 5 analyzes the potential dimensions of the proposed Montgomery County

executive meeting and events center in terms of total sellable space, exhibit and

banquet hall space, and meeting rooms. This section also focuses on the potential

activity and attendance levels at the facility.

Section 6 identifies current trends in the MICE (meetings, incentives, conferences, and

exhibitions) industry.

Section 7 provides feedback from interviews with key regional stakeholders, including

economic development professionals and potential corporate users of the proposed

facility.

Section 8 focuses on the potential levels of demand at the proposed executive meeting

and events center. Levels of demand are outlined by number of events and estimated

attendance.

Section 9 estimates the regional and statewide economic impacts attributable to the

proposed executive meeting and events center.


January 2015

3

2 Local Market Conditions & Scorecard Analysis

A local market’s strength in socioeconomic and demographic attributes can provide

insight to the market’s ability to attract and accommodate meetings and conventions of

varying sizes. A market’s existing hospitality system, along with its transportation,

infrastructure, entertainment, and retail offerings, all contribute to the success of a

potential corporate meeting and events center.

The analysis focused on the following data points to identify key localities within

Montgomery County that would serve as ideal candidates for a new corporate meetings

and events center.

Infrastructure

Companies & employees

Existing hotels

Retail offerings

Demographics

2.1 Montgomery County - Background

Montgomery County, PA is the third largest county in Pennsylvania. It is the second

wealthiest county in the Commonwealth and ranks as the 51st wealthiest nationwide.

Montgomery County is approximately 487 square miles and is home to nearly

800,000 residents2. It is also home to major employers in pharmaceuticals,

manufacturing, banking, healthcare, and education. The county is diverse, ranging

from farms and open land in Upper Hanover to densely populated streets in

Cheltenham.

Montgomery County is part of the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

Metropolitan Statistical Area (MSA), as well as the larger Philadelphia-Reading-

Camden, PA-NJ-DE-MD Combined Statistical Area (CSA).

Montgomery County maintains 75 miles of roads and 133 bridges. The county has

developed over 60 miles of multi-use trails and cares for seven county parks and

five historic sites.

2 Montgomery County website. http://www.montcopa.org

http://www.montcopa.org/


January 2015

4

2.2 Infrastructure

Figure 2.1 illustrates the location of Montgomery County, major roads and highways,

and highway exits. Major interstates in Montgomery County include I-476, I-76, and

I-276. As shown in this figure, locations in King of Prussia, Plymouth Meeting, and

Conshohocken (all located towards the Southeastern border of Montgomery

County) have high numbers of highway exits, offering easy access by car for a

potential meeting and events center.

Figure 2.1: Map of Montgomery County, Major Roads, and Highway Exits

Source: Delaware Valley Regional Planning Commission & Tourism Economics (2014)


January 2015

5

Figure 2.2 provides indexed scores for the Census places in Montgomery County

with the highest number of interstate exits in each place. Counts of interstate exits

are based on data compiled by the Delaware Valley Regional Planning Commission.

In Montgomery County, King of Prussia ranks first with 21 interstate exits, followed

by Blue Bell/Plymouth Meeting with ten exits and Conshohocken/ West

Conshohocken and Fort Washington each with eight interstate exits.

Figure 2.2: Count of Montgomery County Interstate Exits, by Census Place

Place Number of

Interstate Exits Index Score

King of Prussia 21 100

Blue Bell/Plymouth Meeting 10 50


8 33

Fort Washington 8 33

Horsham/Hatboro/Willow Grove 2 20

Stowe 2 20

Flourtown 1 14

Kulpsville 1 14

Spring House 1 14


Figure 2.3 maps the density of highway exits throughout Montgomery County.

Areas with low densities of highway exits are shaded in blue while areas with high

densities of highway exits are shaded in red. As shown, King of Prussia offers the

highest density of highway exits, providing easy access to/from I-76, I-276, Route

202, and Route 252.


January 2015

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Figure 2.3: Highway Exit Density Map, Montgomery County



January 2015

7

2.3 Companies & Employment

Many major employers have headquarters or branches in Montgomery County.

Large companies span a diverse set of industries, including pharmaceuticals,

manufacturing, banking, healthcare, and education. Figure 2.4 provides a table of

the top 30 employers in Montgomery County.

Figure 2.4: Top 30 Employers in Montgomery County

Source: Hoovers Downloaded January 2014 and Select Greater Philadelphia and Montgomery County

Development Corporation

Rank Company

Employees in

Montgomery

County

1 Glaxosmithkline LLC 9,900

2 Lockheed Martin Corporation 5,150

3 Holy Redeemer Health System,

Inc.

5,000

4 Mercy Health System of

Southeastern Pennsylvania

4,000

5 Abington Memorial Hospital 3,900

6 The Pennsylvania State University 3,683

7 Unisys Corporation 3,400

8 Mds Pharma Services (US) Inc. 2,871

9 Main Line Hospitals, Inc. 2,854

10 County of Montgomery 2,683

11 S E I Investments Company 2,587

12 PRA International Operations, Inc. 2,100

13 Clemens Family Corporation 1,800

14 Giant Food, Inc. 1,789

15 Almac Group Incorporated 1,691

16 First Niagara Financial Group, Inc. 1,615

17 CL&T, Inc. 1,600

18 First Quality Retail Services, LLC 1,600

19 Clemens Food Group, LLC 1,558

20 Susquehanna Structured Products,

LLC

1,500

21 Acts Retirement-Life Communities,

Inc.

1,496

22 Merck Sharp & Dohme Corp. 1,440

23 Wal-mart Stores, Inc. 1,405

24 Quest Diagnostics Clinical 1,375

25 Macy's Retail Holdings, Inc. 1,356

26 Nectar Acquisition Corporation 1,301

27 Home Depot USA, Inc. 1,300

28 JBS Souderton, Inc 1,200

29 Genesis Healthcare Corporation 1,169

30 Acme Markets, Inc. 1,100


January 2015

8

Figure 2.5 provides counts of companies and index scores for the census places

with the most companies in Montgomery County with more than 100 employees.

King of Prussia ranks first with 34 companies with more than 100 employees,

followed by Horsham/Hatboro/Willow Grove and Blue Bell/Plymouth Meeting, each

of which have 19 companies with more than 100 employees.

Figure 2.5: Counts of Montgomery County Companies with 100 or More Employees,

by Census Place

Place

Local Businesses

with More than 100 Employees

Index Score

King of Prussia 34 100

Horsham/Hatboro/Willow Grove 19 50

Blue Bell/Plymouth Meeting 19 50


10 25

Fort Washington 10 25

Pottstown borough 5 17

Harleysville 5 17

Norristown borough 4 13

Audubon 4 13

Bryn Mawr 4 13

Source: InfoUSA & Tourism Economics (2014)

Figure 2.6 maps business in the tri-county region (Montgomery, Chester, and

Delaware Counties) with 100 or more employees. Areas in the county with high

numbers of companies include King of Prussia and Horsham/Hatboro/Willow Grove,

where there are numerous business parks and office complexes.


January 2015

9

Figure 2.6: Map of Companies with 100 or More Employees, by Total Number of Employees



January 2015

10

Based on the company employment data outlined in Figure 2.4, Figure 2.5, and

Figure 2.6, Figure 2.7 displays the employment density throughout the tri-county

area. Areas shaded in red indicate the highest employment densities in

Montgomery, Chester, and Delaware counties.

In the eastern part of Montgomery County, the Willow Grove/Horsham area has the

highest concentration of employees. In southern portion of the County, King of

Prussia, near Montgomery County’s borders to Chester and Delaware Counties, has

the highest concentration of workers.

Figure 2.7: Employment Density Map, Tri-County Area



January 2015

11

Analysis of existing meeting venues in the Southeastern Pennsylvania and New

Jersey noted three other proximate areas with concentrations of meeting facilities:

Cherry Hill, NJ area, Philadelphia, PA area, and Princeton, NJ area. The

demographic data presented in Figure 2.8 provides a comparison between King of

Prussia and these other areas. This demonstrates that King of Prussia has similar

broad regional density of population and income as these other areas.

Figure 2.8: Demographic Profile of King of Prussia and Competing Communities


Cherry Hill, NJ 25-mile 50-mile 75-mile 100-mile

Population (2014) 4,439,362 8,212,098 15,074,003 29,081,157

Ave Household Inc. (2013) $78,097 $87,196 $86,271 $86,415

Per Capita Income $30,177 $33,055 $32,318 $32,685

Total Income (000s) $133,966,627 $271,450,899 $487,161,628 $950,517,616

King of Prussia, PA 25-mile 50-mile 75-mile 100-mile

Population (2014) 4,314,134 8,214,317 13,789,364 29,449,188



Total Income (000s) $135,981,503 $264,295,649 $457,930,989 $943,434,186

Princeton, NJ 25-mile 50-mile 75-mile 100-mile

Population (2014) 2,513,647 17,036,006 25,924,755 30,296,318



Total Income (000s) $99,444,902 $580,604,120 $873,897,566 $1,024,439,696

Philadelphia, PA 25-mile 50-mile 75-mile 100-mile

Population (2014) 4,688,882 7,941,067 13,732,380 29,400,527



Total Income (000s) $147,399,694 $258,291,145 $454,720,298 $950,430,836

Demographic Data: Competing Communities


January 2015

12

2.5 Local Hotels

2.5.1 Hotel Stock & Hotel Room Density

The existing stock of hotels is expected to directly contribute to the ability of a

community to host meetings and events. In addition, hospitality infrastructure plays

a key role in the ability of a proposed meeting and events center to generate

economic impacts.

Figure 2.9 maps hotels throughout Montgomery County. In Montgomery County

areas with the most hotels include Horsham/Hatboro/Willow Grove as well as King

of Prussia. Both of these areas also offer easy access via interstate highways and

also have the highest concentrations of businesses in the County.

Figure 2.9: Map of Hotels in Montgomery County, by Total Number of Rooms



January 2015

13

Based on data from Smith Travel Research, Figure 2.10 provides counts of hotels,

hotel rooms throughout Montgomery County, and index scores, by Census place

and proximate area. As shown, King of Prussia ranks first with 15 hotels and an

estimated 2,606 hotel rooms. Horsham/Hatboro/Willow Grove ranks second with

nine hotels and nearly 1,200 total hotel rooms. Blue Bell/Plymouth Meeting ranks

third with eight hotels providing more than 1,000 total hotel rooms. The index score

is calculated based on number of hotel rooms.

Figure 2.10: Counts of Montgomery County Hotels & Hotel Rooms, by Census

Place

Place Hotels Hotel Rooms Index Score

King Of Prussia 15 2,606 100

Horsham/Hatboro/Willow Grove 9 1,199 46

Blue Bell/Plymouth Meeting 8 1,166 45

Montgomeryville 7 602 23

Conshohocken/West

Conshohocken 3 496 19

Fort Washington 3 469 18

Pottstown 5 445 17

Audubon 3 365 14

Kulpsville 2 317 12

Limerick/Royersford 4 296 11


Based on the total number of hotel rooms by property, Figure 2.11 maps the density

of hotel rooms in the tri-county area. King of Prussia offers the highest density of

hotel rooms, as indicated by the areas shaded in red. Despite having many hotels,

the Horsham/Hatboro/Willow Grove does not have a high density of hotel rooms.


January 2015

14

Figure 2.11: Hotel Room Density Map, Tri-County



January 2015

15

2.6 Retail Offerings

The overall attractiveness of the potential host region to a executive meeting and events

center will depend, in part, on the local retail and food and beverage offerings. As shown

in Figure 2.12, King of Prussia offers the highest number of retail and food and beverage

options in Montgomery County. Included in King of Prussia’s numerous retailers and

food and food and beverage establishments is King of Prussia Mall, which is the largest

shopping mall on the East Coast in terms of gross leasable retail square feet. King of

Prussia Mall is a luxury mall with numerous upscale retailers and a variety of food and

beverage options and would complement a new corporate meeting and events center.

Figure 2.12: Montgomery County Retail & Food and Beverage Companies


Based on data from InfoUSA, Figure 2.13 provides estimates of total retail and food

& beverage sales and index scores by Census place. King of Prussia ranks first


January 2015

16

with nearly $11.3 billion in total sales. Horsham/Hatboro/Willow Grove ranks

second with approximately $1.7 billion in sales, followed by Fort Washington with

$0.9 billion in sales.

Figure 2.13: Montgomery County Retail and Food & Beverage Sales, by Census Place ($ Millions)

Place

Retail and Food & Beverage

Sales ($ Millions)

Index Score

King of Prussia $11,292.3 100

Horsham/Hatboro/Willow Grove $1,708.9 50

Fort Washington $930.7 33

Blue Bell/Plymouth Meeting $867.2 25

Montgomeryville $506.8 20

Ardmore $321.1 17

Audubon $199.2 14


$150.0 13

Flourtown $114.1 11

Harleysville $111.8 10


Based on the establishment level estimates of retail sales, Figure 2.14 maps retail

sales densities throughout Montgomery County. Areas in red indicate areas with

high concentrations of retail sales. As shown, while Horsham/Hatboro/Willow Grove

has high concentrations of retail sales, King of Prussia by far has the highest

concentration of retail and food and beverage sales in Montgomery County.


January 2015

17

Figure 2.14: Retail & Food and Beverage Establishment Density Map



January 2015

18

2.7 Overall Scorecard Analysis

The preceding sections have outlined various local market conditions throughout Montgomery

County. The analysis examined transportation options, highway accessibility, countywide

concentrations of companies and employment, existing hotel stock, and retail and food and

beverage offerings. Each section provided visualizations/maps of how the various regions

throughout Montgomery County had particular strengths for each metric. Each individual metric

served as an input for the overall scorecard analysis, which helps identify the ideal location for the

proposed corporate meeting and events center.

Figure 2.15 provide a graphical description of how the various scorecard variables interact and

combine to arrive at the overall scorecard for Montgomery County.

Figure 2.15: Montgomery County Scorecard Outline



January 2015

19

Figure 2.16 summarizes the final index scores based on the various score card metrics

outlined in previous sections. As shown, King of Prussia ranks first (index scores of 100) in

all measured categories and has a final scorecard value of 400 (note: higher final index

scores are better). Blue Bell/Plymouth Meeting is second with a final score of 170, as it

ranked slightly behind King of Prussia in a number of categories. Horsham/Hatboro/Willow

Grove ranks third with a final scorecard value of 166.

Figure 2.16: Summary Rankings & Final Index Scores, by Census Place

Place Index Score -

Interstate Exits

Index Score-

Companies with More than 100

Employees

Index Score - Hotel

Rooms

Index Score - Retail Sales

Final Index Score

King of Prussia 100 100 100 100 400

Blue Bell/Plymouth Meeting 50 50 45 25 170

Horsham/Hatboro/Willow Grove 20 50 46 50 166

Fort Washington 33 25 18 33 109


33 25 19 13 90

Norristown borough 0 13 1 0 14


Figure 2.17 depicts the results of the overall scored analysis throughout Montgomery

County. Blue areas indicate regions with low overall scores, while areas shaded in yellow

and red highlight areas with high overall scores.

As shown in the map, areas along I-276 (the Pennsylvania Turnpike) scored relatively

high, including the Horsham/Willow Grove area. However, King of Prussia ranked the

highest in the scorecard analysis. As described in previous sections, King of Prussia

offers high densities of highway exits and easy access by car, and high concentrations of

employees and companies that could help support a new corporate meeting and events

center.

In addition to providing easy accessibility, King of Prussia offers some of the nation’s

largest and most diverse set of retail and food and beverage options. More importantly,

King of Prussia boasts the highest concentration of hotel rooms in Montgomery County,

which is an important factor in considering a community’s ability to support meetings and

events. Further, as discussed in the benchmarking analysis in the following section,

current group room demand at King of Prussia hotels indicates that a new meeting and

events center could generate new group room demand at local hotels.


January 2015

20

Figure 2.17: Map of Montgomery County Scorecard Analysis



January 2015

21

3 King of Prussia Lodging Market Analysis

3.1 King of Prussia Lodging Market

The inventory of local hotels includes the 15 hotels in King of Prussia as well as

hotels in proximate areas. Among this inventory of local hotels, the research team

identified a set of nine hotels proximate to King of Prussia, that are anticipated to

accommodate the majority of overnight guests attending meetings and events at the

proposed executive meeting and events center. These hotels are listed in Figure 3.1

as the King of Prussia Proximate Set. Eight of these hotels are in King of Prussia,

Montgomery County, while the ninth is in Wayne, Chester County.

King of Prussia Proximate Set was identified by the research team as hotels that are

affiliated with national chains that are classified by STR as upscale or above, plus

the Valley Forge Casino Resort, which was specifically added given its location and

facilities. There are other hotels in the local area (all within Montgomery County) that

would also be expected to accommodate overnight guests attending events at the

proposed executive meeting and events center. In particular:

Best Western Plus The Inn at King of Prussia (168 rooms, upper

midscale by STR chain scale);

Comfort Inn Valley Forge National Park (121 rooms, upper midscale

by STR chain scale);

Fairfield Inn Valley Forge King of Prussia (80 rooms, upper

midscale by STR chain scale);

Hampton Inn Philadelphia King of Prussia Valley Forge (147 rooms,

upper midscale by STR chain scale);

Holiday Inn Express & Suites King of Prussia (155 rooms, upper

midscale by STR chain scale); and,

Motel 6 Philadelphia King of Prussia (170 rooms, economy by STR

chain scale).

In total, the 1,775 rooms at the nine hotels in the King of Prussia Proximate Set,

plus the 841 rooms at the six upper midscale and economy hotels listed above,

represent a total of 15 hotels with 2,616 rooms. The particular hotels that would

accommodate guests related to a particular meeting or even at the proposed

executive meeting and events center would depend on the characteristics of the

group. We anticipate the majority of the impact would be the nine hotels in the King

of Prussia Proximate Set, with additional impacts to the other six local hotels

identified and at other hotels in Montgomery County, and in the surrounding area.


January 2015

22

Figure 3.1: King of Prussia Proximate Set of Hotels


Figure 3.2 provides historical performance data for the identified set of nine King of

Prussia hotels.

Figure 3.2: Historical Performance, King of Prussia Proximate Set of Hotels, 2008-2013


Property Location Rooms Total Per guest room

Courtyard Philadelphia Valley Forge King Of Prussia Wayne, PA 150 1,250 8.3

Crowne Plaza Philadelphia King of Prussia King Of Prussia, PA 226 16,378 72.5

Doubletree Philadelphia Valley Forge King Of Prussia, PA 327 30,177 92.3

Hyatt House King Of Prussia King Of Prussia, PA 147 3,367 22.9

Hyatt Place Philadelphia King Of Prussia King Of Prussia, PA 129 1,064 8.2

Radisson Hotel Valley Forge King Of Prussia, PA 325 21,807 67.1

Springhill Suites Philadelphia Valley Forge King Of Prussia King Of Prussia, PA 131 350 2.7

Sheraton Valley Forge King Of Prussia, PA 180 37,136 206.3

Valley Forge Casino Resort - Casino Tower King Of Prussia, PA 160 - -

Total 1,775 111,529

Average 197 12,392 62.8

Meeting space (sq. ft.)

YearTotal

occupancyTotal ADR

Group

room

nights

Group

occupancy

contribution

Group

share

Group

ADR

2008 53.8% 132.74$ 128,387 24.2% 45.0% 121.67$

2009 47.5% 116.95$ 113,789 21.5% 45.2% 116.84$

2010 55.1% 110.92$ 130,943 23.8% 43.2% 108.47$

2011 62.2% 120.56$ 113,135 22.5% 36.2% 118.18$

2012 60.9% 123.49$ 102,259 17.5% 28.7% 124.72$

2013 62.7% 124.51$ 105,306 16.3% 25.9% 126.70$


January 2015

23

As mentioned previously, Montgomery County and King of Prussia lost considerable

meeting and exhibit space when the Valley Forge Casino Resort opened its doors in

2012. This loss of meeting and event space led to a corresponding loss in group

room demand in the local lodging market. As shown in Figure 3.3, among hotels in

the King of Prussia Proximate Set group occupancy contribution in 2011 was 22.5%.

In other words, group room nights filled 22.5% of available rooms, representing

36.2% of room demand. After the loss of convention and meeting space when

VFCR opened, group occupancy contribution dropped five percentage points and

registered just 17.5% in 2012. The trend continued in 2013 as group occupancy

contribution dropped to 16.3%. Based on current performance levels, a new

corporate meeting and events center could be a catalyst for attracting overnight

guests, generating new group room demand and boosting group occupancy

contribution to levels similar to those prior to the opening of the casino in 2012.

Figure 3.3: Chart of Group Occupancy Contribution, King of Prussia Proximate Set of Hotels, 2008-2012


Figure 3.4 charts total ADR and group ADR for the identified set of hotels in King of

Prussia. In 2008, total ADR was higher than group ADR, indicating strong transient

rates. During the national recession, both total ADR and group ADR declined as

hotels competitively reduced room rates in a context of weak demand. Since then,

the local lodging market has gradually regained pricing, and group ADR has

recovered to a level that is ahead of its 2008 level. This indicates that some groups

continue to value the opportunity to stay at hotels in the local market, in some cases

potentially paying a premium to secure limited available meeting and event space.

24.2%

21.5%

23.8%22.5%

17.5%16.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2008 2009 2010 2011 2012 2013

Group Occupancy Contribution (%)King of Prussia Set of Hotels


January 2015

24

Figure 3.4: Chart of Total ADR & Group ADR, King of Prussia Proximate Set of Hotels, 2008-2013


3.2 Hotel Benchmark & Comp Set Analysis

In addition to the set of hotels in King of Prussia, the analysis also identified two sets

of hotels to serve as benchmarks for the level of group business that is typically

accommodated at hotels that have adequate meeting space, either in-house or in

nearby convention facilities. These sets of benchmark hotels also help illustrate that

group business has declined more significantly in King of Prussia since 2012.

The first benchmark set, as shown in Figure 3.5, consists of hotels in the broader

Mid-Atlantic Region with greater than 350 rooms. This set ranges from large group-

oriented hotels in Center City Philadelphia, such as the Marriott Philadelphia

Downtown, to mid-size hotels in suburban markets. It excluded hotels in Manhattan,

and in Atlantic City. Many of the properties have substantial in-house meeting

space, and in some cases, are proximate to a large meeting and events center.

$1

32

.74

$11

6.9

5

$11

0.9

2

$1

20

.56

$1

23

.49

$1

24

.51

$1

21

.67

$11

6.8

4

$1

08

.47

$11

8.1

8

$1

24

.72

$1

26

.70

$100.00

$105.00

$110.00

$115.00

$120.00

$125.00

$130.00

$135.00

2008 2009 2010 2011 2012 2013

Total ADR Group ADR

Total ADR & Group ADRKing of Prussia Set of Hotels


January 2015

25

Figure 3.5: Selected Regional Hotels with 350+ Rooms


The second benchmark set outlined in Figure 3.6 consists of selected regional

hotels in Pennsylvania and New Jersey with between 200 and approximately 400

rooms, and at least 15,000 square feet of in-house meeting space. These properties

are in lower density submarkets, rather than in urban core locations, and do not

have proximate access to major convention facilities.

Figure 3.6: Selected Regional Hotels with Meeting Space (Between 200 and 400

Rooms and at Least 15,000 SF of In-house Meeting Space)


The historical performance of each of the benchmark sets is summarized in Figure

3.7. We noted that the King of Prussia Proximate Set has experienced a significant

decline in its group occupancy contribution, which declined from 24.2% in 2008, to

16.3% in 2013. This is a larger magnitude decline than was experienced by either of

the two other sets of hotels.

Property Location Rooms Total Per guest room

Crowne Plaza Philadelphia Cherry Hill Cherry Hill, NJ 408 24,900 61.0

Crowne Plaza Princeton Plainsboro, NJ 291 29,069 99.9

Dolce Stockton Seaview Hotel & Golf Club Galloway, NJ 296 16,638 56.2

Hilton Philadelphia City Avenue Philadelphia, PA 209 23,863 114.2

Hyatt Regency Princeton Princeton, NJ 330 26,372 79.9

Princeton Marriott at Forrestal Princeton, NJ 302 29,510 97.7

Total 1,836 150,352

Average 306 25,059 81.9

Meeting space (sq. ft.)

Area

Guest

rooms

Share of

total

New Jersey excluding Atlantic City 6,484 26.7%

New York excluding Manhattan 5,205 21.5%

Maryland (primarily Baltimore metro) 4,730 19.5%

Pennsylvania (Philadelphia metro) 5,230 21.6%

Delaware 500 2.1%

Connecticut (Stamford and Greenwich) 2,096 8.6%

Sub-total 24,245


January 2015

26

Figure 3.7: Historical Performance of Benchmark Sets


Year Total occupancy Total ADR

Group room

nights

Group

occupancy

contribution Group share Group ADR

2008 65.3% 163.62 2,127,324 25.3% 38.8% 157.60

2009 60.4% 144.37 1,922,576 22.0% 36.4% 146.77

2010 65.4% 139.81 2,076,332 23.6% 36.0% 140.42

2011 66.5% 144.48 2,164,749 24.5% 36.8% 144.17

2012 68.9% 150.26 2,249,166 25.4% 36.9% 150.47

2013 69.9% 153.23 2,175,607 24.6% 35.2% 153.78



Group room

nights

Group

occupancy


2008 52.7% 146.83 161,652 23.0% 43.6% 153.72

2009 48.3% 128.38 128,883 18.3% 37.9% 139.14

2010 49.3% 121.23 136,457 19.4% 39.3% 126.01

2011 52.7% 124.22 135,553 20.1% 38.1% 126.63

2012 52.0% 129.92 131,847 19.1% 36.8% 133.59

2013 51.4% 134.03 113,848 18.2% 35.4% 135.02



Group room

nights

Group

occupancy


2008 53.8% 132.74 128,387 24.2% 45.0% 121.67

2009 47.5% 116.95 113,789 21.5% 45.2% 116.84

2010 55.1% 110.92 130,943 23.8% 43.2% 108.47

2011 62.2% 120.56 113,135 22.5% 36.2% 118.18

2012 60.9% 123.49 102,259 17.5% 28.7% 124.72

2013 62.7% 124.51 105,306 16.3% 25.9% 126.70

Source: STR; Tourism Economics

Historical performance of benchmark sets


January 2015

27

Figure 3.8: Group Occupancy Contribution, King of Prussia Proximate Set of Hotels and Benchmark

Groups


We summarized the meeting space and guest room inventory of each of the three sets in the

following table. Total meeting and exhibit space per guest room, which includes in-house space

and selected convention facilities, averages 109 square feet per guest room at the regional hotels

with greater than 350 rooms, and 88 square feet per guest room at the selected regional hotels

with meeting space, as shown in Figure 3.9. Meanwhile, hotels in the King of Prussia set offer only

63 square feet of meeting space per guest room.

Figure 3.9: Meeting Space and Group Room Nights (2013)

Source: STR & Tourism Economics (2014)

Regional

hotels with

greater than

350 rooms

Selected

regional

hotels with

meeting space

KOP

proximate set

Guest rooms 24,207 1,717 1,775

In-house meeting space (in square feet, at hotels) 1,274,000 150,000 112,000

Meeting space per guest room (in square feet) 53 88 63

Selected convention facilities (in square feet) 1,362,000 Meeting and exhibit space per guest room (in

square feet) 56

Total meeting and exhibit space (in square feet) 2,637,000 150,000 112,000

109 88 63

Total meeting and exhibit space per guest room

(in square feet)

15.0%

17.5%

20.0%

22.5%

25.0%

27.5%

30.0%

32.5%

35.0%

2008 2009 2010 2011 2012 2013




Group Occupancy Contribution (%)King of Prussia Set of Hotels & Benchmark Groups


January 2015

28

We expanded this analysis to include the group room nights generated in each of

the sets, as reported to STR. The regional hotels with greater than 350 rooms

generate 90 room nights of group demand per guest room annually, compared to 66

room nights at the selected regional hotels, and 59 room nights at the King of

Prussia Proximate Set. The hotels in the King of Prussia Proximate Set generate a

high level of group demand relative to meeting space (944 annual group room

nights per 1,000 square feet of meeting space), but have a low level of meeting

space (63 square feet per guest room). Group demand at properties in the King of

Prussia Proximate Set contributes a moderate level of occupancy (16.3%)

compared to hotels in the regional set of properties with more than 350 rooms

(24.6%) or compared to the selected regional hotels with between 200 and

approximately 400 rooms (18.2%), as shown in Figure 3.10. Overall, this analysis is

consistent with the potential opportunity for the proposed meeting and events

center.

Figure 3.10: Meeting Space and Group Room Nights (2013)

Source: STR & Tourism Economics (2014)

Regional

hotels with

greater than

350 rooms

Selected

regional

hotels with

meeting space

KOP

proximate set

KOP

proximate set

(stabilized

year)

Guest rooms 24,207 1,717 1,775 1,775

In-house meeting space (in square feet, at hotels) 1,274,000 150,000 112,000 112,000

Meeting space per guest room (in square feet) 53 88 63 63

Selected convention facilities (in square feet) (b) 1,362,000 100,000 Meeting and exhibit space per guest room (in

square feet) 56 56

Total meeting and exhibit space (in square feet) 2,637,000 150,000 112,000 212,000

109 88 63 119

Group room nights (annual, in thousands) 2,176 114 105

Group room nights per guest room (annual) 90 66 59

Group contribution in occupancy points 24.6% 18.2% 16.3%

Group segment share of total occupancy 35.2% 35.4% 25.9%

825 757 944

Group room nights per 1,000 square feet of

meeting space (annual)

Total meeting and exhibit space per guest room

(in square feet)


January 2015

29

4 Comparable Venues

This section identifies comparable convention and meetings facilities throughout the US and

takes a closer, in depth look at the profiles of certain facilities. The main purpose of examining a

set of comparable facilities is to obtain insight into the physical and operational characteristics of

facilities located in similar communities. More importantly, data compiled on various aspects of

these comparable facilities will serve as inputs for the subsequent estimation of physical and

operational data for the potential meeting and events center in King of Prussia.

4.1 Smaller Convention Centers

With approximately 100,000+ square feet of exhibit and meeting space, the proposed

Montgomery County executive meeting and events center would fall under the group of “smaller”

convention centers offering between 50,000 and 125,000 sf of prime exhibit space. According to

the publication Trade Show Executive, this group of centers, also referred to as “Tier IV”,

constitutes 57% of the 307 North American convention centers with a minimum of 50,000 sf of

prime exhibit space, as shown in Figure 4.1. The average square footage of prime exhibit space

for Tier IV venues in North America is slightly over 80,000.

Figure 4.1: Convention Centers by Size Classification (%)

Source: Trade Show Executive (2013)

Tier IV smaller convention centers located in the US account for a total of approximately 11.4

million sf of prime exhibit space. A list of these convention centers is detailed in Figure 4.2. This

list was originally published in Trade Show Executive magazine and may not include every

convention/executive meeting facility throughout the US and may have inconsistencies in the

reported prime exhibit space.

Tier I 1,000,000 +

sf, 4%

Tier II 350,000 -

999,999 sf, 13%

Tier III 125,000 -

349,999 sf, 26%

Tier IV 50,000 -

124,999 sf, 57%

Convention Centers by SIze Classification


January 2015

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Figure 4.2: Listing of Tier IV Convention Facilities (50,000 – 124,999 sf of Prime Exhibit Space)

Exhibition FacilityPrime Exhibit

Space (sf)Location Web Site

1 Duluth Entertainment Convention Center 120,000 Duluth, MN www.duluthconventioncenter.com

2 Knoxville Convention Center 119,922 Knoxville, TN www.kccsmg.com

3 Rushmore Plaza Civic Center 119,000 Rapid City, SD www.gotmine.com

4 Nashville Convention Center 118,675 Nashville, TN www.nashvilleconventionctr.com

5 Seaport Boston Hotel & Seaport World Trade Center 118,000 Boston, MA www.seaportboston.com

6 Charleston Area Convention Center 115,000 Charleston, SC www.charlestonconvention.com

7 Hilton Chicago 115,000 Chicago, IL www.hiltonchicago.com

8 Ontario Convention Center 115,000 Ontario, CA www.ontariocc.com

9 Tucson Convention Center 114,000 Tucson, AZ www.tucsonconventioncenter.org

10 Springfield Exposition Center 112,000 Springfield, MO www.springfieldexpo.com

11 Arizona Exposition & State Fair 111,000 Phoenix, AZ www.arizonaexposition.com

12 Walt Disney World Swan & Dolphin Resort 110,500 Lake Buena Vista, FL www.swandolphinmeetings.com

13 John Ascuaga's Nugget Resort Casino 110,000 Sparks, NV www.janugget.com

14 Fargodome 110,000 Fargo, ND www.fargodome.com

15 Franklin County Veterans Memorial 110,000 Columbus, OH www.fcvm.com

16 Peoria Civic Center 110,000 Peoria, IL www.peoriaciviccenter.com

17 Sevierville Convention Center 108,261 Sevierville, TN www.seviervilleeventscenter.com

18 Mobile Civic Center 108,000 Mobile, AL www.mobilecivicctr.com

19 Hot Springs Convention Center 103,000 Hot Springs, AR www.hotsprings.org

20 Cox Business Center 102,600 Tulsa, OK www.coxcentertulsa.com

21 Hampton Roads Convention Center 102,600 Hampton, VA www.thehrcc.com

22 Caesars Palace 102,000 Las Vegas, NV www.lvmeetingsbyharrahs.com

23 Georgia Dome 102,000 Atlanta, GA www.gadome.com

24 Chattanooga Convention Center 100,800 Chattanooga, TN www.chattanoogaconventioncenter.org

25 Myrtle Beach Convention Center 100,800 Myrtle Beach, SC www.myrtlebeachconventioncenter.com

26 Spokane Convention Center 100,160 Spokane, WA www.visitspokane.com

27 Alliant Energy Center 100,000 Madison, WI www.alliantenergycenter.com

28 Baton Rouge River Center 100,000 Baton Rouge, LA www.brrivercenter.com

29 Cox Convention Center 100,000 Oklahoma City, OK www.coxconventioncenter.com

30 Dulles Expo Center 100,000 Chantilly, VA www.dullesexpo.com

31 Knoxville Expo Center 100,000 Knoxville, TN www.knoxvilleexpocenter.com

32 Monroeville Convention Center 100,000 Monroeville, PA www.monroevilleconventioncenter.com

33 North Atlanta Trade Center 100,000 Norcross, GA www.northatlantatradecenter.com

34 Arthur R. Outlaw Mobile Convention Center 100,000 Mobile, AL www.mobileconventions.com

35 Palm Beach County Convention Center 100,000 West Palm Beach, FL www.pbconventioncenter.com

36 Renaissance Schaumburg Hotel & Convention Center 100,000 Schaumburg, ILwww.renaissanceschaumburg.com

37 Rhode Island Convention & Entertainment Complex 100,000 Providence, RI www.riconvention.com

38 Santa Clara Convention Center 100,000 Santa Clara, CA www.santaclara.org

39 Savannah International Trade & Convention Center 100,000 Savannah, GA www.savtcc.com

40Sheraton Greensboro Hotel at Four Seasons/ Joseph

S. Koury Convention Center100,000 Greensboro, NC

www.sheratongreensboro.com

41 Hara Arena, Conference & Exhibition Center 98,400 Dayton, OH www.haracomplex.com

42 Las Vegas Cashman Convention Center 98,100 Las Vegas, NV www.vegasmeansbusiness.com

43 Fresno Convention & Entertainment Center 98,000 Fresno, CA www.fresnoconventioncenter.com

44 Clark County Event Center at the Fairgrounds 97,200 Ridgefield, WA www.clarkcoeventcenter.com


January 2015

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45 Wynn | Encore 96,197 Las Vegas, NV www.wynnmeetings.com

46 Rosen Shingle Creek Hotel & Golf Club 95,848 Orlando, FL www.rosenshinglecreek.com

47 Ocean Center 95,000 Daytona Beach, FL www.oceancenter.com

48 Will Rogers Memorial Center 95,000 Fort Worth, TX www.willrogersmemorialcenter.com

49 Shreveport Convention Center 95,000 Shreveport, LA www.shreveportcenter.com

50 Roland E. Powell Convention Center 93,180 Ocean City, MD www.ococean.com

51 Ford Park Event Center 93,000 Beaumont, TX www.fordpark.com

52 Trump Taj Mahal Casino & Resort 93,000 Atlantic City, NJ www.trumptaj.com

53 Omaha Civic Auditorium 92,700 Omaha, NE www.omahacivic.com

54 Palm Springs Convention Center 92,000 Palm Springs, CA www.palmspringscc.com

55 The Broadmoor 90,000 Colorado Springs, CO www.broadmoor.com

56 Lee Civic Center 90,000 Fort Myers, FL www.leeciviccenter.com

57 JW Marriott Desert Ridge Resort & Spa 90,000 Phoenix, AZ www.jwdesertridgeresort.com

58 The Mirage Hotel & Casino 90,000 Las Vegas, NV www.mirage.com

59 Bally's Las Vegas 86,000 Las Vegas, NV www.lvmeetingsbyharrahs.com

60 Disney’s Coronado Springs Resort 86,000 Lake Buena Vista, FL www.disneymeetings.com

61 Paris Las Vegas 85,000 Las Vegas, NV www.lvmeetingsbyharrahs.com

62 Expo Center at the South Florida Fairgrounds 84,750 West Palm Beach, FL www.southfloridafair.com

63 Montana ExpoPark 84,000 Great Falls, MT www.goexpopark.com

64 Statehouse Convention Center 83,000 Little Rock, AR www.littlerockmeetings.com

65 Island Grove Regional Park & Events Center 82,400 Greeley, CO greeleygov.com/parks/

66 U.S. Cellular Center 81,779 Cedar Rapids, IA www.uscellularcenter.com

67 Empire State Plaza Convention Center 81,500 Albany, NY www.empirestateplaza.org

68 Champlain Valley Exposition 81,000 Essex Junction, VT cvexpo.org

69 El Paso Convention & Performing Arts Centers 80,000 El Paso, TX www.visitelpaso.com

70 Fredericksburg Expo & Conference Center 80,000 Fredericksburg, VA www.fredericksburgexpocenter.com

71 Gillette Stadium 80,000 Foxborough, MA www.gillettestadium.com

72 South Point Hotel & Spa 80,000 Las Vegas, NV www.southpointmeetings.com

73 Town & Country Resort & Convention Center 80,000 San Diego, CA www.towncountry.com

74 Prime F. Osborn III Convention Center 78,500 Jacksonville, FL www.jaxevents.com

75 Cajundome/Convention Center 77,303 Lafayette, LA www.cajundome.com

76 Dayton Convention Center 77,000 Dayton, OH www.daytonconventioncenter.com

77 American Bank Center 76,500 Corpus Christi, TX www.americanbankcenter.com

78 La Crosse Center 75,000 La Crosse, WI www.lacrossecenter.com

79 Miami Airport Convention Center 75,000 Miami, FL www.macc.com

80 SeaGate Convention Centre 75,000 Toledo, OH www.toledo-seagate.com

81 The Wildwoods Convention Center 75,000 Wildwood, NJ www.wildwoodsnj.com

82 St. Cloud River's Edge Convention Center 74,000 St. Cloud, MN www.stcloudriversedgeconventioncenter.com

83The Renaissance Montgomery Hotel & Spa at the

Convention Center73,000 Montgomery, AL

www.visitingmontgomery.com

84 Lansing Center 72,000 Lansing, MI www.lansingcenter.com

85 Gwinnett Center 71,600 Duluth, GA www.rentgwinnettcenter.com

86 D.C. Armory 70,000 Washington, DC www.dcsec.com

87 Hyatt Regency Chicago 70,000 Chicago, IL chicagohyatt.com

88 KCI Expo Center 70,000 Kansas City, MO www.kciexpo.com

89 LVH - Las Vegas Hotel & Casino 70,000 Las Vegas, NV www.thelvh.com

90 Palmer Events Center 70,000 Austin, TX www.palmereventscenter.com

91 Roberts Centre 70,000 Wilmington, OH www.robertscentre.com

92 Tinley Park Convention Center 70,000 Tinley Park, IL www.tinleyparkconventioncenter.net


January 2015

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93 XL Center 69,000 Hartford, CT www.xlcenter.com

94 Gatlinburg Convention Center 67,000 Gatlinburg, TN www.gatlinburg-tennessee.com

95 Hilton Americas Houston Hotel 66,000 Houston, TX www.americashouston.hilton.com

96 Lexington Convention Center 66,000 Lexington, KY www.lexingtoncenter.com

97 Washington Marriott Wardman Park 66,000 Washington, DC www.marriott.com/wasdt

98 Nicholas J. Pirro Convention Center at Oncenter 65,250 Syracuse, NY www.oncenter.org

99 Neal S. Blaisdell Center 65,000 Honolulu, HI www.blaisdellcenter.com

100 Buffalo Niagara Convention Center 64,000 Buffalo, NY www.buffaloconvention.com

101 Kansas Expocentre 62,300 Topeka, KS www.ksexpo.com

102 Garden State Convention & Exhibit Center 62,000 Somerset, NJ www.gsec.com

103 ODEUM Sports & Expo Center 62,000 Villa Park, IL www.odeumexpo.com

104 Peppermill Resort Spa Casino 62,000 Reno, NV www.peppermillreno.com

105 Meadowlands Exposition Center 61,000 Secaucus, NJ www.mecexpo.com

106 Big Sandy Superstore Arena 60,000 Huntington, WV www.bigsandyarena.com

107 Crown Center 60,000 Fayetteville, NC www.atthecrown.com

108 Jackson Convention Complex/SMG 60,000 Jackson, MS www.jacksonconventioncomplex.com

109 Nassau Veterans Memorial Coliseum 60,000 Uniondale, NY www.nassaucoliseum.com

110 Norfolk Scope 60,000 Norfolk, VA www.sevenvenues.com

111 Overland Park Convention Center 60,000 Overland Park, KS www.opconventioncenter.com

112 Lane Events Center 59,000 Eugene, OR www.laneeventscenter.org

113 Hyatt Regency Atlanta 58,243 Atlanta, GA www.atlantaregency.hyatt.com

114 Hilton Anaheim 57,084 Anaheim, CA www.hiltonanaheimhotel.com

115 Comcast Arena Everett & Hansen Conference Center 57,000 Everett, WAwww.comcastarenaeverett.com

116 Reno Events Center 56,000 Reno, NV www.renoeventscenter.com

117 MassMutual Center 55,000 Springfield, MA www.springfield-first.com

118 Pasadena Convention Center 55,000 Pasadena, CA www.pasadenacenter.com

119 Valley Forge Convention Center 54,000 King of Prussia, PA www.vfconventioncenter.com

120 Charleston Civic Center & Auditorium 52,000 Charleston, WV www.charlestonwvciviccenter.com

121 Crown Center Exhibit Hall 52,000 Kansas City, MO www.crowncenter.com

122 The Lakeland Center 52,000 Lakeland, FL www.thelakelandcenter.com

123 Overland Park International Trade Center 51,391 Overland Park, KS www.optradecenter.com

124 Amarillo Civic Center 51,265 Amarillo, TX www.amarillociviccenter.com

125 New York Hilton Midtown (formerly Hilton New York) 51,084 New York City, NY www.hiltonfamilynewyork.com

126 Rio All-Suite Hotel & Casino 51,000 Las Vegas, NV www.lvmeetingsbyharrahs.com

127 Sioux Falls Convention Center 50,400 Sioux Falls, SD www.siouxfallscc.com

128 Arlington Convention Center 50,000 Arlington, TX www.arlingtoncc.com

129 M.C. Benton Jr. Convention Center 50,000 Winston-Salem, NC www.twincityquarter.com

130 Bismarck Civic Center 50,000 Bismarck, ND www.bismarckciviccenter.com

131 Branson Convention Center 50,000 Branson, MO www.bransonconvention.com

132 DCU Center 50,000 Worcester, MA www.dcucenter.com

133 Dena'ina Civic & Convention Center/Egan Center 50,000 Anchorage, AK www.anchorageconventioncenters.com

134 Exhibition Building at Osceola Heritage Park 50,000 Kissimmee, FL www.ohpark.com

135 Fair & Expo Center 50,000 Rochester, NY www.fairandexpocenter.org

136 Foxwoods Resort Casino & MGM Grand at Foxwoods 50,000 Mashantucket, CTwww.foxwoods.com

137 Grand Wayne Convention Center 50,000 Fort Wayne, IN www.grandwayne.com

138 Irving Convention Center at Las Colinas 50,000 Irving, TX www.irvingconventioncenter.com

139 Rochester Riverside Convention Center 50,000 Rochester, NY www.rrcc.com

140 Greater Tacoma Convention & Trade Center 50,000 Tacoma, WA gtctc.org

141 The Westin Diplomat Resort & Spa 50,000 Hollywood, FL www.diplomatresort.com


January 2015

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4.2 Profiles of Comparable Facilities

As a meeting and events center destination, King of Prussia presents an unusual

profile since it is a suburban location of a large metropolitan area that is already well

served by competing business meeting space in the central business district. The

research team identified a variety of comparable meeting and events centers to

compile a set of facilities with varying characteristics (i.e., size and offerings) and

demographics of the facilities’ respective host communities. The identified facilities

included:

Overland Park Convention Center – Overland, KS

Lancaster County Convention Center – Lancaster, PA

Irving Convention Center at Las Colinas – Irving, TX

Gwinnett Convention Center – Gwinnett, TX

Waco Convention Center – Waco, TX

Greater Richmond Convention Center – Richmond, VA

Conference & Event Center Niagara Falls - Niagara Falls, NY

Raleigh Convention Center – Raleigh, NC

Figure 4.3 provides community profiles for the identified comparable venues as well

as for Montgomery County.


January 2015

34

Figure 4.3: County Profiles for Comparable Meeting and Events Centers

Montgomery County is of average size (population of 812,000) compared to the

other eight locations (average of 777,000 excluding Montgomery County) but has

the highest median household income of nearly $79,000.

In addition, Montgomery County is near the top on payroll per business

establishment, lagging slightly behind Dallas County, Texas.

It is interesting to note that, despite ranking either first or second in population,

income, and retail sales, Montgomery County does not rank as high in

accommodation and food service sales, further suggesting that a new meeting and

events center could generate new group room demand and revenue for the

accommodation sector.

The following pages provide summary descriptions and floor plans for each

identified comparable facility.

Convention Center Proposed Overland Park Lancaster Irving Gwinnet Waco Richmond Niagara Falls Raleigh

County/State Montgomery, PA Johnson, KS Lancaster, PA Dallas, TX Gwinnet, GA McLennan, TX Henrico, VA Niagara, NY Wake, NC

Population 812,376 566,836 529,600 2,480,331 859,304 241,481 318,611 214,249 974,289

# Households 308,083 214,670 193,306 849,874 264,592 83,966 123,392 88,542 341,303

Median Household Inc $78,984 $75,139 $56,172 $49,159 $61,944 $41,589 $61,300 $47,736 $65,826

Total Businesses 26,675 20,937 12,636 70,602 24,439 4,965 10,203 4,730 29,579

Total Employees 468,668 319,958 221,104 1,494,676 311,894 102,663 179,427 70,953 473,854

Total Payroll ($ 000s) $28,989 $16,324 $9,030 $89,945 $15,046 $4,100 $8,933 $2,686 $23,627

Payroll /Est ($ 000s) $1,087 $780 $715 $1,274 $616 $826 $876 $568 $799

Total Retail Sales ($ 000s) $15,151 $9,255 $6,542 $33,177 $13,857 $2,943 $6,737 $2,075 $12,598

Accomodation and

food service sales ($ 000s) $1,478 $1,083 $764 $5,705 $375 $375 $686 $662 $1,727

Persons per sq. mile 1,656 1,150 550 2,718 227 227 1,313 414 1,079


January 2015

35

Overland Park, KS- Located in suburban Kansas City.

The exhibit hall offers 60,000 square feet that can be

divided into two rooms, as well as seven meeting rooms

and an executive conference room available for

smaller-scale corporate meetings. The attached

Sheraton hotel was built in conjunction with the

convention center. The hotel has an additional 25,000

square feet of meeting space and is attached by

covered walkway to the center. In addition, the facility

also offers a 25,000 square foot outdoor courtyard. Of

note, Overland Park is the only one of the comparable

facilities showing a profit; and its revenue from food and

beverage exceeds its rental income by a nearly $5/1 ratio.


January 2015

36

Lancaster, PA – Located 60 miles to the west of King of

Prussia, this convention center does not serve any major

metropolitan market. In general, its events tend to be small

trade shows (crafts, furniture) and trade associations. No

blue chip corporate events were highlighted or noted.

Providing more than 90,000 square feet of combined space

for conventions, events, and trade shows, this $177-million

integrated facility is ideal for groups ranging in size from

five to 5,000 in a location that is convenient to northeast

metropolitan cities


January 2015

37

Irving, TX – The Irving Convention Center at Las Colinas represents the

innovative future of meetings and events. With almost 100,000 square feet of

meeting and exhibit space, the building's unique architecture, vertical design,

and interior finishes create a new niche in the marketplace. Situated on 40

acres in the heart of Irving's Las Colinas Urban Center, the convention center

is the first phase of a mixed-use entertainment district that will include a

6,000-person capacity performance venue and unique dining and shopping.

Located a short distance from DFW Airport, Irving has both convenient

access and a very large cluster of leading companies located in immediate proximity

to the convention center. Of note, there are over 2,500 hotel rooms located within

one mile of the facility.


January 2015

38

Gwinnet, GA- Located in Duluth, GA a

community located at the fringe of the

greater Atlanta metropolitan area (25

miles to the northeast of Atlanta’s Central

Business District.). The center does some

trade show and business association

meetings; however, large religious

gatherings are an important recurring

source of revenue. The convention center

is located in a complex that includes an

arena and performing arts center. Local

hotels are oriented toward family as

opposed to corporate visitors.

The heart of the Convention Center is the

50,000 square foot Exhibit Hall. The Exhibit Hall has a ceiling height of 28 feet, an

unlimited load-bearing floor and the ability to be divided into three individual halls.

With drive-in access and nine covered loading docks, set-up and breakdowns are a

smooth and efficient process for over 300 exhibitors. The Convention Center also

has 23 versatile meeting rooms and a 21,600 square foot Grand Ballroom that is

fully capable of meeting various needs.


January 2015

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Waco, TX- Located in Waco, TX between Dallas/Fort

Worth and Austin, the Waco Convention Center is

blocks from Interstate 35, minutes from Waco Regional

Airport, and within walking distance of restaurants,

shopping, attractions, and a variety of entertainment

options. There are 1,000 convention-quality hotel

rooms within a one-mile radius of the Waco Convention

Center and 4,200 hotel rooms in greater Waco.

With a 32,976 square foot exhibit hall, a 15,000 square

foot exhibit hall, and the new 13,818

sq. ft. Brazos Ballroom—the Waco

Convention Center has the space

needed to accommodate larger

conventions, social events, and

tradeshows.

In July, 2012, the Waco Convention

Center completed a three year, $17.5

million renovation, adding over

25,000 sq. ft. and increasing the total

square footage to 144,000 sq. ft.


January 2015

40

Richmond, VA- The Greater Richmond Convention Center is

Virginia's largest exposition and meeting facility. The Center

brings hundreds of thousands of visitors into the metropolitan

area each year. Located in Virginia’s capital, the Greater

Richmond Convention Center is a 700,000-square-foot facility

that sits on five and a half city blocks. Interior accommodations

include 178,159 square feet of exhibit space, meeting and

banquet rooms, and the 30,550-square foot Grand Ballroom.

Parking consists of two adjoining decks that hold 1,540 vehicles

and an additional 4,600 spaces are within a six-block radius.

There are 650 hotel rooms adjacent to the center, with thousands

more nearby.


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Niagara Falls, NY- The Conference & Event Center Niagara Falls combines

116,000 square feet of versatile state-of-the-art indoor meeting and event space

with vibrant outdoor activities. Its unique Western New York location, along the

dynamic Old Falls Street, USA, offers a myriad of customized convention, meeting

and banquet options including the ability to host private outdoor receptions, just

footsteps from Niagara Falls State Park and the famed waterfalls themselves. The

facility is also a 20-minute drive from Buffalo, NY.


January 2015

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Raleigh, NC- Since opening in September 2008, the Raleigh Convention

Center has been a bustling hub for the culture, commerce and technologies

that make the Triangle one of the most admired and sought after regions in

the United States. The modern, 500,000 sq ft, LEED Silver-certified facility

includes a soaring street level lobby, an elegant, easily partitioned ballroom, a

150,000 sq ft exhibit hall and a 4,100 sq ft mezzanine as well as cutting edge

tech amenities and award-winning culinary offerings. Convention center staff

also operates the nearby Red Hat Amphitheater and Duke Energy Center for

the Performing Arts, which can also be part of an event experience.


January 2015

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Figure 4.4 provides a summary table of detailed characteristics and available

financial and event information for the comparable facilities.

Figure 4.4: Meeting & Events Centers Performance and Facility Detail

Source: Tourism Economics & Respective Convention Facilities (2014)

DetailOverland,

KS

Lancaster,

PAIrving, TX

Gwinnet,

GAWaco, TX

Richmond,

VA

Niagara

Falls, NY

Raleigh,

NC

Opened 2002 2009 2011

Opened

1992,

expansion in

2003

Major $17.5M

renovation in

2012,

2002 2004 2008

Total Construction Cost ($ Millions) $178 $133 $134 $170 $225

Total Space (SF) 140,000 90,000 170,000 84,500 125,000 178,000 116,000 200,000

Construction Cost per SF $1,973 $782 $1,586 $955 $1,125

Year 2013 2012 2013 2013 2012 2012 2012

Gross Revenue $9.4 $1.6 $6.6 $10.9 $3.1 $2.4 $6.2

Net Income $0.6 -$1.0 -$1.4 -$0.4 -$0.3 -$1.5

Rental Income $1.4 $1.5 $1.3 $3.8

Food/Beverage Revenue $6.4 $0.1 $4.0 $1.6

Events hosted 400 241 341 281 229 300

Room nights generated 89,000 133,765 14,000 70,000

Attendees 128,883 345,000 36,796 440,000

Main Exhibit Hall (SF) 60,000 46,000 50,000 50,000 50,000 175,000 32,000 150,000

Banquet Hall (SF) 26,000 8,700 20,000 21,600 14,000 30,000 19,500 33,000

Other Meeting Space Noted

7 additional

meeting

rooms of

various

sizes

20 meeting

rooms

20 additional

meeting

rooms of

various sizes

23 additional

meeting

rooms of

various

sizes

14 additional

meeting

rooms, 2,000

SF theater

36 total

meeting and

banquet

rooms

15 meeting

rooms,

49-seat

amphitheater

20 meeting

roomgs

Attached Hotel412 Room

Sheraton

299 Room

Marriott

Reportedly a

new hotel will

open in 2015

(no affiliation

specified)

No (but deal

with Marriott

to build one

was just

announced)

No Yes No Yes

Facility Size

Financial Data ($ Millions)

Construction

Convention Center Performance and Facility Detail

Events & Room Nights


January 2015

44

Based on available data on sellable exhibit space, banquet halls, meeting rooms,

and operating data for the eight identified facilities, Figure 4.5 provides averages of

various metrics across the facilities.

On average, the eight identified facilities offer approximately 77,000 sf in the main

exhibit hall, 22,000 sf in the main banquet hall, and 19 meeting rooms. With an

average of nearly 300 events, the facilities generate an average of $5.0 million in

revenues and operate at a net loss of $0.5 million.

Figure 4.5: Average Sellable Space and Operating Data of Identified Comparable

Facilities (Square Feet & $ Millions)

Description Average

Main Exhibit Hall (SF) 76,625

Banquet Hall (SF) 21,600

Total Sellable Space (SF) 137,938

Meeting Rooms 19

Gross Revenue ($ Millions) $5.0

Net Income ($ Millions) -$0.5

Events Hosted 299


January 2015

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5 Facility Dimensions & Details

The following section analyzes the potential dimensions of the proposed

Montgomery County executive meeting and events center in terms of total sellable

space, exhibit and banquet hall space, and meeting rooms.

For purposes of the analysis, we assume that the proposed Montgomery County

executive meeting and events center will offer the following physical space

dimensions:

Main Exhibit Hall: 50,000 sf

Banquet Hall: 25,000 sf

Meeting Rooms: 20 rooms

Total sellable sf: 125,000

5.1 Data Normalization

5.1.1 Total Sellable Space

Section 4 identified a set of comparable convention and events/meeting centers that

share certain characteristics with the proposed Montgomery County facility. The

analysis provided various size and performance metrics and calculated averages in

absolute terms. It is also important, however, to examine these metrics in terms of

normalized values.

One way of normalizing data is to calculate total sellable space in a market divided

by the market’s total employment, effectively providing a measurement of sellable

space per employee. For example, the Overland Park Convention Center offers

140,000 sf of total sellable space. Johnson County, KS has a total workforce of

approximately 320,000. Dividing total sellable space by the total population yields a

result of 0.44. The weighted average across the eight identified comparable

facilities is 0.35.

Based on an estimated 125,000 sf of total sellable sf at the proposed facility, and

the absence of other facilities in Montgomery County, along with a countywide

workforce of approximately 474,000, total sellable sf per employee yields a result of

0.26. Montgomery County’s result of 0.26 total sellable sf per employee is lower

than the average value across the eight identified comparable facilities. As shown

in Figure 6.1, it has the second lowest value in the identified group of facilities,

which suggests that a facility with 125,000 sf of total sellable space is in line (and

somewhat conservative) compared to the identified markets.

The facilities in markets with labor forces closest to that of Montgomery County

(approximately 474,000 employees) are the Gwinnett Center in Georgia


January 2015

46

(approximately 320,000 employees) and the Raleigh Convention Center in North

Carolina (approximately 474,000 employees). These markets also have similar

numbers of businesses and population bases. The Gwinnett Center offers

approximately 85,000 sf total sellable space (though it is also part of a complex that

offers a full size arena), while the Raleigh Convention Center has 200,000 sf of total

sellable space. The Montgomery County facility’s normalized total sellable space

value of 0.26 is nearly identical to the Gwinnett Center’s value of 0.27 and is

comparable to the Raleigh Convention Center’s value of 0.42.

Figure 5.1: Total Sellable Space (SF) per Employee, by Facility


5.1.2 Main Exhibit Hall & Banquet Hall SF

In addition to examining total sellable space normalized by employment, the

analysis also focused on normalized values of main exhibit hall and banquet hall

square footage.

Figure 5.2 summarizes the values of main exhibit hall space normalized by number

of employees for the proposed Montgomery County facility and the eight identified

existing facilities. As shown in Figure 5.2, with a main exhibit hall of 50,000 sf, the

Montgomery County facility’s normalized value of exhibit hall space per employee

would be 0.11. The normalized values for the eight identified facilities range from a

low of 0.03 at the Irving Center in Texas to a high of 0.98 at the Greater Richmond

0.110.26 0.27

0.41 0.42 0.44

0.99

1.22

1.63

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Irvin

g C

on

ve

ntio

nC

en

ter

(TX

)

Mo

ntg

om

ery

Co

un

ty(P

A)

Gw

inn

ett

Ce

nte

r(G

A)

La

nca

ste

r C

ou

nty

Co

nve

ntio

n C

en

ter

(PA

)

Ra

leig

h C

on

ve

ntio

nC

en

ter

(NC

)

Ove

rla

nd

Pa

rkC

on

ve

ntio

n C

en

ter

(KS

)

Gre

ate

r R

ich

mo

nd

Co

nve

ntio

n C

en

ter

(VA

)

Wa

co

Co

nve

ntio

nC

en

ter

(TX

)

Th

e C

on

fere

nce

& E

ve

nt

Ce

nte

r N

iag

ara

Fa

lls (

NY

)

Total Sellable Space SF/Employee


January 2015

47

Convention Center in Virginia. Across all eight facilities, the weighted average of

banquet space per employee is 0.19.

Similar to the normalized value for total sellable space, the proposed Montgomery

County facility’s normalized value for main exhibit hall space falls in the lower

spectrum of values across the identified sites.

Figure 5.2: Main Exhibit Hall Space (SF) per Employee, by Facility


Figure 5.3 summarizes the values of banquet hall space normalized per employee

for the proposed Montgomery County facility and the eight identified existing

facilities. As shown, with a 25,000 sf banquet hall, the normalized value for the

Montgomery County corporate meeting and events center would be 0.05. The

normalized values for the eight identified facilities range from a low of 0.01 at the

Irving Convention Center to a high of 0.27 at the Conference and Events Center in

Niagara Falls. Across all eight facilities, the weighted average of banquet space

normalized by population is .05.

As with the normalized values for total sellable space and main exhibit hall space,

the proposed Montgomery County facility’s normalized value for banquet hall space

falls towards the lower end of values across the identified sites.

0.030.11

0.16 0.19 0.210.32

0.45 0.49

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January 2015

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Compared to the markets with similar population and business counts, the

Montgomery County facility’s normalized banquet hall space value of .05 is higher

than the Lancaster County Convention Center and the Irving Convention Center.

Figure 5.3: Banquet Hall Space (SF) per Employee, by Facility


Figure 5.4: Summary Metrics Normalized by Population (Total Sellable Space, Main Exhibit Hall, and Banquet

Hall SF per Employee)

Eight Identified Sites

Description Montgomery

County Minimum

Value Maximum

Value Weighted Average

Total Sellable Space 0.26 0.11 1.63 0.35

Main Exhibit Hall 0.11 0.03 0.98 0.19

Banquet Hall 0.05 0.01 0.27 0.05

Figure 5.4 summarizes the various metrics normalized by employment (total sellable

space, main exhibit hall space, and banquet hall space) for Montgomery County,

along with the minimum value, maximum value, and weighted average for the eight

identified facilities. All of the normalized values for the Montgomery facility fall

between the minimum-maximum range of values and are equal to or below the

0.010.04

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January 2015

49

weighted average for each category. This suggests that the indicated physical

dimensions of the proposed Montgomery County facility (50,000 sf main exhibit hall,

25,000 sf banquet hall, and 125,000 total sellable sf) are reasonable compared to

the dimensions of existing facilities in markets with similar characteristics.


January 2015

50

6 Industry Trends

6.1 The Meetings Industry

In 2013, facilities hosted an estimated 1.8 million meetings throughout the US.

These 1.8 million meetings had nearly 225 million participants, with approximately

half of these participants attending corporate/business meetings. Conventions,

conferences, and congresses had the second most participants with nearly 61

million, constituting 27% of all participants. While trade shows had the least number

of meetings, they attracted nearly 27 million participants, or 12% of all participants.

Figure 6.1: Number of Meetings & Participants by Meeting Type, 2013


Figure 6.2 summarizes total numbers of meetings and participants by host type. As

shown, corporations hosted the most meetings in 2013. Over one million meetings

hosted by corporations had nearly 110 million participants, or nearly half of all

participants. Associations and membership organizations drew the second most

participants (more than 59 million) at approximately 315,000 events.

Figure 6.2: Number of Meetings & Participants by Host Type, 2013


Meeting Type Meetings Participants % Participants

Corporate/Business Meetings 1,298,300 113,337,000 50%

Conventions/Conferences/Congresses 273,700 60,960,000 27%

Trade Shows 10,900 26,768,000 12%

Incentive Meetings 67,700 9,172,000 4%

Other Meetings 182,600 14,710,000 7%

Total 1,833,200 224,947,000 100%

Meeting Type Meetings Participants % Participants

Corporate 1,017,000 109,571,000 49%

Association/Membership 315,400 59,495,000 26%

Non-Government, Not-For-Profit 432,100 51,572,000 23%

Government 68,600 4,308,000 2%

Total 1,833,100 224,946,000 100%


January 2015

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6.2 Convention Center Trends

Based on Trade Show Executive’s 2013 Word’s Top Convention Centers (WTCC),

more than half (57%) of convention centers in the United States, Canada, and

Mexico were in the “Tier IV Smaller Facilities” category, comprised of convention

centers offering 50,000 sf to 124,999 sf of prime exhibit space.

Venues in this category have a total square footage of 13,933,713, and their space

represents approximately 20% of the total square footage of North American venues

listed in the 2013 WTCC. This segment of the market continues to grow, as two

new convention centers completed construction in 2013:the U.S. Cellular Center in

Cedar Rapids, IA (featuring 81,779 sf of prime exhibit space) and the Dulles Expo

Center in Chantilly, VA (which added 30,000 sf of prime exhibit space and now

offers a total of 130,000 sf). In 2012, this tier of smaller convention centers included

173 facilities, offering an average of 79,931 sf of prime exhibit space.

According to Trade Show Executive, small convention centers typically fill their

space with a wide range of statewide meetings, regional trade shows, corporate

events, consumer shows, and other local events. However, these facilities have

also started trying to attract more national and international exhibitions that would

ultimately generate a higher economic impact to their respective local communities.

To attract national and international business, some facilities are adding more space

or making renovations. According to Johnna Boxley, general manager of the

Spokane Convention Center in Washington, “Our goal is to attract more national

business…We didn’t have the right configuration before, but our expansion should

help us gain more market share.” The Spokane Convention Center is currently

adding 20,000 sf of prime exhibit space and 25,000 sf of meeting space. Upon

completion, the center will offer 120,160 sf of prime exhibit space, 67,900 sf of

meeting space, and 17,390 sf of flex space.

Technology has been a significant factor for smaller convention centers (and for

facilities of all sizes). To effectively compete in this category, many facilities offer

free WiFi throughout their buildings, including exhibit halls. According to a regional

vice president at SMG, “People think of WiFi like they think of air. They think it

should be free and it should be always available.” He also said that many smaller

convention centers will be investing in distributed antenna systems (DAS) to handle

the additional bandwidth from multiple devices.” The Irving Convention Center,

which opened just three years ago, has already invested in WiFi upgrades to stay

competitive. According to Maura Gast, executive director of the Irving Convention &

Visitors Bureau in Texas, WiFi is just not going to be a revenue generator, but it can

be a deal maker or breaker.”


January 2015

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6.3 MICE Industry Trends

The MICE industry (meetings, incentives, conferences, and exhibitions) has witnessed an

acceleration of change over recent years. Key, important trends span a range of issues

including:

Shifts in global participation around the world

Tailoring of event content

Role of DMOs (destination marketing organizations)

Use of technology

New growth drivers

New challenges

Defining trends for the MICE industry include:

Reports on the death of meetings are exaggerated

Meetings are driving economic development

Cost consciousness is defining choices

Events are reaching further

DMOs are driving growth

Events are more targeted

6.3.1 Reports on the death of meetings are exaggerated

The MICE sector has endured harsh conditions since 2009, including sharp

cutbacks among companies, widespread adoption of virtual meeting technology,

and political opposition.

However, the MICE sector has emerged from the ashes as the underlying value of

events to participants and companies remains as strong as ever.

Group room demand in the US fell 16% over the two-year period of 2008 and 2009.

However, it has nearly fully recovered to 97% of its pre-recession level.


January 2015

53

Figure 6.3: US Luxury/Upscale Group Hotel Demand, 2004-2013

(Million Room Nights)

60

65

70

75

80

85

90

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

US Luxury/Upscale Group Hotel Demand million room nights

Source: Smith Travel Research


January 2015

54

Data on the exhibition sectors tell a similar story. Attendance fell 11% from 2007 to

2009. In 2013, attendance recovered to pre-recession highs and is expected to

expand another 3% in 2014.

Figure 6.4: Exhibition Attendees, 2000-2014

Over the long run, a trend of strength is evident in data on association meeting

participation around the world. Global meetings participation has more than

doubled form under 10 million in 1993-1997 to 21 million in 2008-2012

Figure 6.5: Global Association Meeting Participants, 1963-2012

40

45

50

55

60

65

70

75

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

201

1

2012

2013

2014

Exhibition AttendeesMillions

Source: CEIR

0

5

10

15

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Global association meeting participantsMillions

Source: International Congress and Convention Association


January 2015

55

6.3.2 Meetings are driving economic development

Meetings, conventions, and exhibitions have long been understood to represent

economic value to a destination as attendees, exhibitors, and meeting planners

spend money in a destination. According to the Business Events Council of

Australia, “The legacy and flow on effects of business events is delivered in many

ways... Research has identified that this leads to global profiling, international

network creation, cultural and business development, innovation and foreign

investment.”

However, these events are increasingly being leveraged as an engine of economic

development in other sectors.

Driving services supply chain

Driving innovation

Driving economic clusters

Driving bottom lines

Driving the services supply chain

The development of the MICE sector is one way to develop industries in the event

supply chain. These include a broad range of service providers including

companies in the fields of technology, marketing, design, catering, and event

management & production. MICE is increasingly acting as a catalyst for the

development of these related economic sectors.

Driving innovation

The MICE sector is driving the knowledge economy and spurring innovation.

Business events deliver much more than travel and hospitality spend. They are the

forefront of the knowledge economy, providing a direct and powerful platform for

new information3

3 Business Events Council of Australia


January 2015

56

Nearly 80% of US executives indicated that conferences provide significant industry

insights.

Figure 6.6: Impact of Conference and Convention

Source: Oxford Economics survey of US executives, 2013

Driving economic clusters

The MICE sector is integral to the development of targeted economic clusters.

Singapore and China are leveraging the MICE industry to attract regional

headquarters in key industries.

The Cleveland Clinic has built the Global Center for Health Innovation – a

showroom space for medical devices and technology. Along with a renovated

convention center, the new facility has been designed to spur further development

within the health care economic cluster.

In Tampa, a medical learning and simulation center was opened within a block of

the convention center. It is expected to attract more than 60,000 medical

professionals each year for training.

0% 40% 80%

Industry insights

Industry partnerships

Customer retention

New leads

Morale

New sales

4 5

Impact of conferences and conventions

% of respondents indicating high impact on 1 to 5 scale


January 2015

57

Driving bottom lines

The MICE sector is being harnessed to drive performance in companies. Nearly

60% of frequent business travelers believe that increase in travel (including MICE

events) would have a positive impact on both revenue and profitability. And roughly

half of respondents believe such an increase would have a positive impact on

employee productivity.

Figure 6.7: Impact of Increased Travel Spending on Revenue, Profits, and

Employee Productivity

Source: Oxford Economics survey of US business travelers, 2013

6.3.3 Cost consciousness is defining choices

The legacy of the great recession, along with a highly competitive market for

attracting events and the longer lead times associated with contracting group room,

rates continues to weigh on group room rates. As a result, group hotel room rates

remained below pre-recession levels in 2013, even as transient room rates have

recovered more strongly.

A move to mid-tier lodging and non-traditional meeting facilities (museums,

restaurants, etc.) also reflects budget constraints.

59% 58%

49%

39%36%

47%

2%6%

4%

0%

10%

20%

30%

40%

50%

60%

70%

Revenue Profits Employee productivity

positive no impact negative

Impact of increased travel spending on...


January 2015

58

Figure 6.8: Upper Tier Hotel ADR by Segment

The yields on the MICE segment continue to be squeezed. According to CEIR

(Center for Exhibition Industry Research) data on exhibition revenue per attendee,

the industry continues to struggle to achieve revenue growth even as attendance

recovers. In 2013, CEIR estimates revenue per attendee in the US to have fallen to

$163 from $190 in 2007. Events are exploring off-peak bookings more frequently,

and incentives by destinations and convention centers are the norm, not the

exception, in attracting meeting planners.

Figure 6.9: US Revenue per Exhibition Attendee

$100

$110

$120

$130

$140

$150

$160

$170

$180

$190

$200

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

Upper Tier Hotel ADR by Segment

Source: STR

Group

Transient $22 diff.

$193

$174

$190

$165 $163

$145

$150

$155

$160

$165

$170

$175

$180

$185

$190

$195

$200

2001 2003 2005 2007 2009 2011 2013

US Revenue per Exhibition Attendee

Source: CEIR


January 2015

59

6.3.4 Events are reaching further

MICE events are extending their reach by stronger interactions with participants

before and after events as well as by using virtual forums to extend participation to a

wider audience.

Virtual and hybrid meetings continue to grow. According to the 2013 American

Express survey of planners, these forums are being adopted to achieve a wider

reach at a lower cost. These virtual meetings can also open up new revenue

streams. However, it appears this growth in virtual meetings is not at the expense

of physical meetings due to the former’s difficulty in engaging and monitoring active

participation, which is intrinsic to physical meetings.

Figure 6.10: Portfolio with More than 10% Virtual or Hybrid

6.3.5 DMOs are driving MICE growth

As meeting demand recovers, DMOs are playing a leading role, steadily increasing

their share of overall group room demand in the US since 2010. In addition, rooms

booked for future events exceeded rooms consumed in 2013, indicating growth

momentum in the DMO channel.

18%

28%

40% 40%

30%

43%47%

58%

0%

10%

20%

30%

40%

50%

60%

70%

N A

mer.

Euro

pe

La

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Am

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Asia

2013 2014

Portfolio with more than 10% Virtual or Hybrid

Source: American Express Survey of Planners, Sept 2013

Share of Client Portfolio


January 2015

60

Figure 6.11: DMO Group Channel Impact

In emerging markets, DMO/DMC support is vital to meeting planners. Destination

management support is a significant concern among respondents to the American

Express planners survey.

“Having a connection to a destination management company (DMC) with local

expertise can help ensure the right planning decisions are made and improve the

overall attendee experience4.”

4 2014 Meetings Forecast by American Express Meetings and Events

2009 2010 2011 2012

Sources: DMAI, STR

DMO % of group hotel room

nights sold in DMO markets20.6% 20.2% 20.3% 20.7%

DMO Group Channel ImpactOccurred room nights (DMO Markets)

2009 2010 2011 2012

Booked 37.0 35.4 37.1 39.0

% growth -4.3% 4.8% 4.9%

Occurred 34.3 35.8 37.2 38.3

% growth 4.4% 3.8% 3.1%

Source: DMAI

DMO Group Channel ImpactRoom nights (million)


January 2015

61

Figure 6.12: Destination management Support of Great Importance

6.3.6 Events are becoming more targeted

Average participation in association events is illustrating the trend of events

becoming more targeted. Association events averaged more than 1,000

participants in the early 1970’s. The past five years has seen this number fall to 424

people per event. However, the number of events has grown at a much faster rate,

increasing overall attendance.

Figure 6.13: Participants per Association Meeting

100%

80%76%

89%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Bra

zil

Ru

ssia

Ind

ia

Ch

ina

Destination Management Support of Great Importance

Source: American Express Survey of Planners, Sept 2013

0

200

400

600

800

1,000

1,200

1,400

19

63-6

7

19

68-7

2

19

73-7

7

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78-8

2

19

83-8

7

19

88-9

2

19

93-9

7

19

98-0

2

20

03-0

7

20

08-1

2

Participants per association meeting Global average

Source: International Congress and Convention Association


January 2015

62

7 Feedback from Key Stakeholders

The research team conducted interviews with key stakeholders who represent a

broad spectrum of expertise in Montgomery County’s commerce and hospitality

sectors. These stakeholders are familiar with current market dynamics and the

various factors and sources of demand that would support business at the proposed

corporate meeting and events center. Stakeholders included representatives from

economic development agencies, hotel professionals, and meeting and events

planners from local corporations.

Some of the key issues and recommendations are summarized in the following

sections.

7.1 Economic Development Professionals

Overall, economic development professionals who were surveyed indicated that

they strongly supported a new meeting and events center in Montgomery County.

While some of the interviewees felt the new facility would be best situated in the

King of Prussia area, others felt Lansdale would be the most ideal location. One

respondent even indicated that Montgomery County could potentially benefit from

having more than one new meeting and events center.

All economic development respondents felt that levels of demand are more than

adequate to warrant a new meeting and events center. According to certain

respondents, existing meeting and events clients at regional facilities have

expressed the desire for new space for smaller corporate meetings. According to

ownership/management at the Greater Philadelphia Expo Center at Oaks, the

facility has had tremendous success and has exceeded all forecasts since opening.

While the facility primarily deals with consumer/trade shows, its success could

complement activity at a new executive meeting and events center.

One common theme among respondents was technology and versatility.

Respondents indicated that the proposed meeting and events center must be a

versatile, multi-use facility that can attract a wide variety of events and clients.

Further, to be successful, the facility must be able to attract business throughout the

year. In terms of specific clients and event types, the facility could cater to state and

government meetings and other smaller, single-day events during the week, while

attracting larger events such as weddings and banquet during the weekends.

An additional factor echoed repeatedly across respondents was the importance of

the proposed facility for regional economic development. Respondents felt the

facility could be an important driver to spur economic development in Montgomery

County, particularly for increasing group room demand at local hotels.


January 2015

63

Additional feedback from economic development professionals is summarized as

follows:

Versatility is a key factor. Facility needs to be multi-use in order to

maximize its potential.

Certain niche of events that can’t use convention facilities in Center City

Will be important to correctly set up the financials of the new facility, unlike

in Lancaster.

New facility can be developed in conjunction with existing hotel(s). One

example is the Chase Center in Wilmington, which is adjacent to the Westin

Wilmington.

Facility could be very helpful for prompting economic development in the

region.

Potential users of the facility are the government and state association

meetings that are currently using convention and meeting facilities in

Lancaster and Allentown.

During the week, the facility can cater to single-day local/regional meetings

with 35-200 attendees. During the weekends, the facility could target large

social events with 300+ people (i.e., weddings, concerts, banquets)

The design/layout of the facility should cater to a diverse set of customers.

For example, meeting rooms and common areas should cater to corporate

clients, while exhibit areas should cater to large trade shows.

Having meeting space is important, but the biggest need in the region is for

a new, state-of-the-art facility that can accommodate large groups.

Maybe Montgomery County could benefit from having more than one new

meeting and events center.

7.2 Potential Corporate Users

The research team also conducted interviews with representatives from local

corporations and businesses in order to get feedback from potential users of the

proposed meetings and events center.

One main viewpoint mentioned by all respondents is that the region lacks an

attractive, state-of-the-art facility that can accommodate larger groups. While there

are a few newer facilities in the region, they are too small for larger groups.

Respondents indicated that the most important factors that would influence their

decision to use the proposed meeting and events center include

convenience/location, price, technology, and customer service. Additional


January 2015

64

characteristics factoring into their decision would include the facility’s amenities,

ease and availability of parking, minimal traffic issues, and good catering options.

In terms of space requirements, respondents indicated they would need meeting

space for 25-200 people and maximum space for 2,000 people.

Additional feedback from corporate respondents is summarized below:

The region does not offer any attractive facilities that are able to

accommodate large groups

Lately, in past year, majority of smaller meetings are scheduled through

video conference.

Some current facilities are nice, but too small and can’t accommodate large

groups

While there is need for larger event space, the immediate need is for

smaller meeting space.

Local facilities are “tired” and old and need a facelift.

Used to go up to convention center before Valley Forge Casino came

online.

Desmond Hotel in Malvern has nice facilities, but location isn’t convenient.

Trend is to use local facilities for meetings.

New facility would be good for meetings for upper level (directors, above).

For meetings with lower level employees, usual protocol is to use video

conferences.


January 2015

65

8 Demand Projections

Based on the analysis of comparable convention and meetings facilities in Section

4, as well as the estimated dimensions outlined in Section 5, the analysis now

focuses on the potential levels of demand at the proposed Montgomery County

executive meeting and events center. Levels of demand are outlined in terms of

number of events and estimated attendance. The analysis assumes that the facility

will be a standalone facility with limited restaurant options.

These estimates are provided as representative levels of operation consistent with

the market opportunity as assessed in this analysis. These estimates are provided

for the purpose of illustrating the potential for facility operations in this market

context and for the purpose of quantifying the potential economic impacts

associated with such a facility.

8.1 Projected Events

Figure 9.1 summarizes the projected events at the proposed Montgomery County

executive meeting and events center, by event type, for a ten year period after the

facility opens. We assume that year five represents the stabilized year of operations

As previously mentioned, key stakeholders stressed the need for a versatile facility

able to host a diverse set of events ranging from small corporate meetings to

entertainment events and trade shows.

Figure 8.1: Projected Events at Proposed Montgomery County Executive Meeting and Events Center



Exhibit Events

Conventions & Tradeshows 16 18 20 22 24 24 24 24 24 24

Consumer & Specialty Shows 6 7 8 8 8 8 8 8 8 8

Subtotal, Exhibit Events 22 25 28 30 32 32 32 32 32 32


Meetings & Seminars 106 108 110 110 110 110 110 110 110 110

Banquets 40 42 44 46 48 48 48 48 48 48

Entertainment Events 6 7 8 8 8 8 8 8 8 8

Civic Events & Other Events 20 22 24 26 28 28 28 28 28 28

Subtotal, Cultural & Social Events 172 179 186 190 194 194 194 194 194 194

Total Events 194 204 214 220 226 226 226 226 226 226


January 2015

66

Conventions & Tradeshows: these events are generally held by

associations, professional groups, and other membership organizations. In

the first year of operations, the Montgomery County facility will host an

estimated 16 conventions and tradeshows, ramping up to 24 by year five.

Consumer & Specialty Shows: typically have larger average attendances

than trade shows. We assume there will be six consumer and specialty

shows in the first year and eight by the fifth year.

Meetings & Seminars: usually require less space and attract fewer

attendees than the larger exhibit events. Since there is a high concentration

of local businesses, we assume meetings and seminars will constitute the

highest number of events at the proposed Montgomery County facility, with

106 in year one and 110 by year five.

Banquets: similar to meetings, banquets don’t require as much space as

some of the larger exhibit events. However, banquets will require in-house

catering services. The ability of the facility to attract banquet events on the

weekends will be a key element for its financial viability. We estimate there

will be 40 banquets in the first year, ramping up to 48 by the fifth year of

operations.

Entertainment Events: again, versatility is key. It will be important for the

facility to attract a variety of events throughout the year. The facility will be

multi-use and will be able to host concerts, entertainment events, cultural

festivals, and other similar events. We assume the facility will host six

entertainment events in its first year and eight in its fifth year of operations.

Civic Events & Other Events: are any other events not included in the

previously mentioned categories. These events might include school

concerts or graduations, as well as other public events. We estimate the

facility will host 20 of these event in the first year and 28 in the fifth year.

Overall, the facility is estimated to host an estimated 194 total events in its first year

of operations. By the fifth year of operations, the proposed Montgomery County

executive meeting and events center is estimated to host an estimated 226 total

events. As outlined in Section 4, the average number of events hosted at the

identified set of comparable convention and meeting facilities was 299 events per

facility. The estimated 226 events at the proposed Montgomery County facility are

in line with this average number of events at the existing facilities.


January 2015

67

8.2 Projected Attendance

Based on the projected number of events, Figure 9.2 summarizes estimated

attendance levels at the Montgomery County facility.

Conventions & Tradeshows: In the first year of operations, attendance at

conventions and tradeshows is estimated to total approximately 5,440

people, resulting in an average of 340 people per event. This is consistent

with typical tradeshows and larger exhibit events at similarly sized facilities.

By the stabilized year of operations (year five), average attendance is

estimated at 380 per event, resulting in 9,120 total attendees at conventions

and tradeshows.

Consumer & Specialty Shows: In the facility’s first year of operations,

consumer and specialty shows is estimated to average 750 attendees per

events, resulting in total attendance of 4,500. Once operations stabilize in

year five, consume and specialty shows are projected to attract 1,250

attendees per event, resulting in total attendance of 10,000 people.

Meetings & Seminars: In year one, the facility is estimated host an

estimated 106 meetings with an average attendance of 300 per meeting,

resulting in total attendance of 31,800. By year five of operations, average

meeting attendance is estimated to ramp up to an estimated 350 per

meeting, or a total attendance of 38,500.

Banquets: We assume the proposed Montgomery County facility will host

larger banquets, as smaller banquets will utilize existing, smaller banquet

facilities. Average banquet attendance of 300 per banquet will result in total

attendance of 12,000 in year one. By year five, average banquet

attendance is estimated to ramp up to 350 per event, resulting in total

attendance of 16,800.

Entertainment Events: Concerts and entertainment events will host an

estimated average of 1,200 guests per event, resulting in total attendance of

7,200 in the facility’s first year of operations. By year five, average

attendance at entertainment events is estimated to ramp up to 1,400 per

events, resulting in total attendance of 11,200.

Civic Events & Other Events: We assume civic events and other events will

host an average 850 guests per event in year one. By year, five, average

attendance at civic events is estimated to increase to 900 per events,

resulting in total attendance of 25,200.

Taken together, total attendance across all categories amounts to an estimated

77,940 attendees in the Montgomery County facility’s first year of operations,

resulting in an overall average of 402 attendees per event.


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By the time the facility reaches steady state operations in year five, average

attendance is estimated to ramp up to 490 guests per event, resulting in total

attendance of 110,820 guests.

Figure 8.2: Projected Attendance at Proposed Montgomery County Executive Meeting and Events

Center



Exhibit Events

Conventions & Tradeshows 5,440 6,480 7,400 8,360 9,120 9,120 9,120 9,120 9,120 9,120

Consumer & Specialty Shows 4,500 7,000 9,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

Subtotal, Exhibit Events 9,940 13,480 16,400 18,360 19,120 19,120 19,120 19,120 19,120 19,120


Meetings & Seminars 31,800 35,100 37,125 38,500 38,500 38,500 38,500 38,500 38,500 38,500

Banquets 12,000 13,650 14,850 16,100 16,800 16,800 16,800 16,800 16,800 16,800

Entertainment Events 7,200 9,100 10,800 11,200 11,200 11,200 11,200 11,200 11,200 11,200

Civic Events & Other Events 17,000 19,250 21,300 23,400 25,200 25,200 25,200 25,200 25,200 25,200

Subtotal, Cultural & Social Events 68,000 77,100 84,075 89,200 91,700 91,700 91,700 91,700 91,700 91,700

Total 77,940 90,580 100,475 107,560 110,820 110,820 110,820 110,820 110,820 110,820


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9 Economic Impacts

9.1 Event Turndowns

The Valley Forge Tourism & Convention Board provided data on lost convention business in

Valley Forge. Based on the provided data, there have been a total of 34 events that turned down

convention space in Valley Forge. Potential clients ranged from national trade shows with

estimated room blocks of nearly 5,000 rooms to smaller, regional clients with requested room

blocks of 100 to 300 rooms. The 34 events would have generated an estimated 44,000 room

nights at a value of more than $70.1 million.

The proposed Montgomery County executive meeting and events center is expected to generate

significant impacts as it attracts exhibit event and cultural/social events to the local region. More

importantly, with a cutting edge facility offering a variety of amenities, the region is expected to

once again be an attractive option for meeting and event planners. As these events utilize the

new facility, they will bring exhibitors and attendees, all of whom will spend money in the local

economy on items such as lodging, food and beverage, recreation, and retail goods at local

businesses and establishments. This spending is expected to generate additional economic

impacts as it ripples through the regional and state economies.

9.2 Direct Event Spending

Based on industry averages and historical data from existing convention and meeting facilities,

Figure 9.1 summarizes projected event spending for exhibit events and cultural/social events. As

shown, total exhibit event spending is estimated to amount to an estimated $19.9 million in the

first year of operations, and event spending for cultural and social events will amount to an

estimated $10.2 million, resulting in total spending of $30.1 million. In the facility’s stabilized year

of operations in year five, exhibit event spending will amount to $38.2 million and cultural/social

event spending will amount to $13.8 million, resulting in total event spending of $52.0 million.


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Figure 9.1: Estimated Direct Impacts of Regional Event Spending, Proposed

Montgomery County Executive Meeting and Events Center


9.3 Room Nights Generated

As previously shown, the proposed facility is estimated to host 200 events and 78,000 attendees

in its first year of operations. We conservatively estimate that these events will generate a total of

36,564 room nights at area hotels during the first year. By the time the facility reaches steady

state operations in year five, it is estimated to host 226 events and nearly 111,000 attendees,

generating 52,737 room nights at area hotels.

This stabilized, or steady state, estimate of 52,737 room nights represents the equivalent of

approximately 422 group room nights per 1,000 square feet of meeting space. In comparison, as

referenced in Figure 3.10, selected regional hotels with meeting space have historically

generated 757 group room nights per 1,000 square feet of meeting space (2013), and regional

hotels with greater than 350 rooms have generated 825 group room nights per 1,000 square feet

of meeting space (2013). The stabilized estimate of 52,737 room nights recognizes that the

proposed Montgomery County executive meeting and events center is not assumed to have a

connected hotel, and would not be anticipated to generate as many room nights per square foot

of meeting space as a result.

To provide an estimate of the magnitude of the potential impact to local hotels, we performed

several calculations. First, we assumed that approximately 70% of the 52,737 room nights,


Total Events 22 25 28 30 32 32 32 32 32 32

Total Event Days 66 75 84 90 96 96 96 96 96 96


Estimated Room Nights 5,964 8,088 9,840 11,016 11,472 11,472 11,472 11,472 11,472 11,472

Exhibit Event Spending

($ Millions) $19.9 $27.0 $32.8 $36.7 $38.2 $38.2 $38.2 $38.2 $38.2 $38.2

Total Events 172 179 186 190 194 194 194 194 194 194

Total Event Days 516 537 558 570 582 582 582 582 582 582


Spending per Attendee $150 $150 $150 $150 $150 $150 $150 $150 $150 $150

Estimated Room Nights 30,600 34,695 37,834 40,140 41,265 41,265 41,265 41,265 41,265 41,265

Cultural & Social Event

Spending ($ Millions) $10.2 $11.6 $12.6 $13.4 $13.8 $13.8 $13.8 $13.8 $13.8 $13.8


($ Millions) $30.1 $38.5 $45.4 $50.1 $52.0 $52.0 $52.0 $52.0 $52.0 $52.0

Total Room Nights Generated 36,564 42,783 47,674 51,156 52,737 52,737 52,737 52,737 52,737 52,737

Exhibit Events (Trade Shows, Conventions, Consumer/Specialty Shows



January 2015

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equivalent to 36,916 room nights, would represent incremental demand to the local inventory of

15 hotels with 2,616 rooms. This is the group of 15 hotels as described in section 3.1 King of

Prussia Lodging Market. It includes nine hotels in the King of Prussia Proximate Set plus six

additional upper midscale and economy hotels in the local area. One of 15 hotels is located in

Chester County, while the remaining 14 are in Montgomery County. We assumed the remaining

30% of the total room night impact would represent room nights that were not incremental, such

as groups that would have otherwise used existing facilities in the area (e.g. smaller on-site space

at existing hotels, office buildings, and other venues) at stayed at local hotels, or room nights that

would result in a displacement of room nights that would otherwise have been accommodated

(e.g. by accommodating a group related to the proposed executive meeting and events center a

local hotel would have fewer rooms available on particular peak periods to accommodate

transient travelers).

Next, we considered that the inventory of 15 local hotels with 2,616 rooms offers 954,840

available room nights annually. Relative to this inventory, 36,916 incremental room nights is

equivalent to an increase to occupancy of 3.9 percentage points. Assuming an average group

room rate of $126.70 (based on 2013 average group room rate for the King of Prussia Proximate

Set), implies a room revenue impact of $4.7 million annually in 2013 dollars. This is equivalent to

a revenue per available room (RevPAR) impact of $4.90 to the set of 15 local hotels.

Within the group of 15 local hotels, we anticipate the greatest impact would be to the nine hotels

in the King of Prussia Proximate Set, as well as the Best Western Plus The Inn at King of Prussia,

with a total of 1,943 rooms. If 90% of the 36,916 incremental room night impact occurs at these

10 hotels, the occupancy impact would be 4.7 percentage points, and the RevPAR impact would

be $5.94 (in 2013 dollars). In 2013, the group occupancy contribution at the King of Prussia

Proximate Set was 16.3%, as shown in Figure 3.2. With an increase of 4.7 percentage points, the

group occupancy contribution would be 21.0%, which is still slightly below the 22.5% group

occupancy contribution realized by these hotels in 2011, before the reduction in available space

at the Valley Forge Convention Center.

9.4 Economic Impacts Defined

The economic impacts of the event spending outlined in the previous section were estimated

using a regional Input-Output (I-O) model based on IMPLAN (www.implan.com) models. IMPLAN

is recognized as one of two industry standards in local-level I-O models. An I-O model represents

a profile of an economy by measuring the relationships among industries and consumers. For

example, an I-O model tracks the flow of a visitor’s restaurant expenditures to wages, profits,

capital, taxes and suppliers. The supplier chain is also traced to food wholesalers, to farmers, and

so on. In this way, the I-O model allows for the measurement of the direct and indirect sales

generated by a restaurant meal. The model also calculates the induced impacts of tourism. These

induced impacts represent benefits to the economy as employees of tourism sectors spend their

wages in the local economy, generating additional output, jobs, taxes, and wages.


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Figure 9.2: Illustration of Economic Impact Model

The modeling process begins with aligning the expenditure measurements with the related

sectors in the model (e.g. sports & recreation, restaurants, retail, and entertainment). The model

is then run to simulate the flow of these expenditures through the economy. In this process, the

inter-relationships between consumers and industries generate each level of impact for each

economic indicator (sales, wages, employment, etc.).

9.5 Projected Economic Impacts – Montgomery County

Figure 9.3 summarizes the projected countywide economic impacts of the proposed facility. In

Montgomery County, $30.1 million of total event spending in the facility’s first year of operations is

expected to generate $19.1 million in indirect and induced expenditures, resulting in an economic

impact of $49.2 million throughout Montgomery County. This countywide economic impact will

include $9.0 million in employee salaries and wages, supporting an estimated 416 total jobs.

Once the proposed facility reaches its stabilized year of operations in year five, the total

countywide economic impact is estimated to amount to $85.0 million, including $15.6 million in

employee salaries and wages, supporting 719 total jobs throughout the county.


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Figure 9.3: Projected Economic Impacts, Montgomery County ($ Millions & Total Jobs)




($ Millions) $30.1 $38.5 $45.4 $50.1 $52.0 $52.0 $52.0 $52.0 $52.0 $52.0


($ Millions) $19.1 $24.5 $28.8 $31.8 $33.0 $33.0 $33.0 $33.0 $33.0 $33.0


($ Millions) $49.2 $63.0 $74.2 $81.9 $85.0 $85.0 $85.0 $85.0 $85.0 $85.0

Total Employment Impact 416 533 628 693 719 719 719 719 719 719


Wages ($ Millions) $9.0 $11.5 $13.6 $15.0 $15.6 $15.6 $15.6 $15.6 $15.6 $15.6

Economic Impacts - Montgomery County


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9.6 Projected Economic Impacts – State of Pennsylvania

Figure 9.4 summarizes the projected statewide economic impacts of the proposed facility. In the

State of Pennsylvania, $30.1 million of total event spending in the facility’s first year of operations

will generate $33.5 million in indirect and induced expenditures, resulting in an economic impact

of $63.6 million throughout the State. This statewide economic impact will include $19.0 million in

employee salaries and wages, supporting an estimated 818 total jobs. Once the proposed facility

reaches its stabilized year of operations in year five, the total statewide economic impact will

amount to $109.9 million, including $32.8 million in employee salaries and wages, supporting

1,415 total jobs throughout the State.

Figure 9.4: Projected Economic Impacts, State of Pennsylvania ($ Millions & Total Jobs)




($ Millions) $30.1 $38.5 $45.4 $50.1 $52.0 $52.0 $52.0 $52.0 $52.0 $52.0


($ Millions) $33.5 $42.9 $50.6 $55.8 $57.9 $57.9 $57.9 $57.9 $57.9 $57.9


($ Millions) $63.6 $81.4 $96.0 $105.9 $109.9 $109.9 $109.9 $109.9 $109.9 $109.9

Total Employment Impact 818 1,048 1,236 1,363 1,415 1,415 1,415 1,415 1,415 1,415


Wages ($ Millions) $19.0 $24.3 $28.6 $31.6 $32.8 $32.8 $32.8 $32.8 $32.8 $32.8

Economic Impacts - State of Pennsylvania

PHILADELPHIA

303 Lancaster Avenue, Suite 1b

Wayne PA 19087, USA

Tel: +1 610 995 9600

OXFORD

Abbey House, 121 St Aldates

Oxford, OX1 1HB, UK

Tel: +44 1865 268900

LONDON

Broadwall House, 21 Broadwall

London, SE1 9PL, UK

Tel: +44 207 803 1400

BELFAST

Lagan House, Sackville Street

Lisburn, BT27 4AB, UK

Tel: +44 28 9266 0669

NEW YORK

817 Broadway, 10th Floor

New York, NY 10003, USA

Tel: +1 646 786 1863

SINGAPORE

No.1 North Bridge Road

High Street Centre #22-07

Singapore 179094

Tel: +65 6338 1235

PARIS

9 rue Huysmans

75006 Paris, France

Tel: + 33 6 79 900 846

email: [email protected]

www.tourismeconomics.com

executive meeting & events center marketing and economic impact study

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