Hartford Business Journal

www.HartfordBusiness.com • December 3, 2018 • Hartford Business Journal 13 than 25-year employment high in 2026 with 12,534 projected jobs. That would mark a 7.5 percent increase vs. 2016. In total, hotel room sales statewide in 2017 generated $4.4 billion in guest spending on hotels, local businesses and transportation, according to the Con- necticut Lodging Association. Marketing Connecticut The success of hotels, especially in the Hartford area, is dependent in part on expo venues such as the Connecti- cut Convention Center, which attracts tens of thousands of travelers annually to some of the region's 13,400 rooms. The Convention Center, overlooking the Connecticut River and anchoring downtown Hartford's Front Street entertainment district, generates between 30,000 to 39,000 room nights a year through about 160 events. Mike Costelli, the Convention Cen- ter's general manager, said the venue's booking policies prioritize convention meetings and trade shows during weekends to help bolster local hotels, which sell more rooms on weekdays. And despite the recent losses of the Hartford Boat Show and Connecticut International Auto Show to Mohegan Sun's convention center, Costelli says his venue will replace the lost shows no later than 2020. "It provides another opportunity for us to fill that space with a differ- ent show," said Costelli, adding the shows move to Mohegan is a net plus for Connecticut's economy. "Now you have two pieces of business. It ends up being a win-win for the state." The Capital Region Development Authority (CRDA), which oversees sev- eral Greater Hartford entertainment venues, has said Connecticut's new 10 percent admissions tax, which takes profits away from promoters, is mak- ing it harder for the aging XL Center to lure major events. But Michael Freimuth, CRDA's exec- utive director, said the event load has grown this year for both the XL Center and Convention Center. The future short-term outlook is also trending upward, he said. In 2019, the XL Center is hosting the first and second rounds of the NCAA Division I men's basketball tournament from March 21-23. The weekend event has already spurred a "significant" amount of hotel bookings, Freimuth said. Months later, CRDA-managed Pratt & Whitney Stadium at Rentschler Field in East Hartford will also host the NCAA Division I men's lacrosse tournament quarterfinals on May 18 and 19. Rent- schler will also host the tournament's championship rounds in 2020 and 2021. Those are big wins for Rentschler, the region's lodging sector and for state tax collections, Freimuth said. Entertainment venues overseen by CRDA last year generated $500,000 in room occupancy tax, he said. "It will be a big use for the region and push hotel trade," Freimuth said of the college tournaments. "We are always trying to balance events that drive hotels and restaurants in the downtown core." Each client's situa on is different and results may vary from those presented here CLIENT: FAMILY-OWNED RETAILER This convenience store and fuel retailer with an exis ng defined contribu on plan was acquired by a compe tor, resul ng in separate plans and service providers. Increasing their HR workload and exposing the company to addi onal risk, management knew they needed to consolidate plans and streamline administra on. Get the full story at hhconsultants.com/succeed Put our knowledgeable professionals to work for your business. We offer a full range of comprehensive actuarial, investment advisory and re rement plan consul ng services designed to iden fy, achieve and exceed each client's specific need. PLAN CONSOLIDATION TO GET FUELED UP OVER Quality Construction + Butler Manufacturing = Repeat Customers www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Windsor Marketing Group (WMG), Suffield, CT | 2006 | 50,000 sq. ft. 2008 | Addition — 40,000 sq. ft. 2015 | Addition — 80,000 sq. ft. Contact us at 860-482-7613 or visit us on the web. Greater Hartford's lodging industry performance Date Occupancy Avg. Daily Rate Revenue Per Room Revenue 2012 56.3% $98.78 $55.65 $265.4M 2013 56.9% $101.21 $57.61 $274.5M 2014 57.9% $103.94 $60.21 $287.7M 2015 60% $107.58 $64.58 $304.5M 2016 59.2% $110.69 $65.52 $310.7M 2017 61.1% $112.11 $68.52 $326.9M 2018* 62.6% $115.97 $72.59 $264.6M *Through August Source: Smith Travel Research A guest room at the new Courtyard by Marriott in Southington. The 125-room hotel, owned by AVA Realty Southington, opened Nov. 13.

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