Brighter 2017 forecast for Schaumburg Convention Center, hotel
A rosier 2017 is forecast for Schaumburg's convention center and adjoining Renaissance Hotel, despite the facility having fallen marginally short of its lofty top five goals for their 10th anniversary year in 2016.
Generally to blame for the center falling short of expectations last year is that the Midwest's convention and hospitality industry has not recovered from the recession as quickly as elsewhere, Schaumburg Finance Director Lisa Petersen said.
Among the examples of how close the facility came to its goals: It missed its target of 73,587 group room nights for the year by only 132, and ended with a guest satisfaction rate of 68.5 percent instead of 70 percent.
The satisfaction rate reflects the percentage of customers who awarded the hotel a 9 or 10 on a 10-point scale. It is expected to climb this year with the completion of guest room renovations, officials say.
Another goal barely missed was on the measurement of revenue earned per available room, in comparison to similar hotels. While the goal was an index of 122.9 percent - that is, 122.9 percent of the spending per room of the average comparable hotel - the Renaissance ended the year at 120.3 percent.
Apart from the start of guest room renovations, one of the most visible changes of 2016 was the upgrade and rebranding of the former Wintergarden cafe into the more vibrant - and popular - RENdezvous Cafe, Petersen added.
The opening of new tollway interchanges in the village - especially at Meacham Road - is expected to have a long-term positive impact on business at the convention center and hotel beginning this year.
Convention center occupancy is projected to reach an all-time high of 64 percent in 2017, up 12 points from the 52 percent of 2015. The highest occupancy to date was 57 percent in 2008.
Total sales for the year are expected to increase 2.1 percent, up to $43.9 million, despite a 1 percent decline in overall hotel occupancy due to both a decrease in special corporate business and the impact of taking several floors out of service at a time for guest room renovations.
Getting those room renovations done is the top capital improvement project for the year, but there are $2.6 million worth of other identified work on the to-do list once they're completed, Petersen said.
Schaumburg trustees will review the proposed business plan for the year ahead and the report on last year's progress at a committee meeting at 7 tonight, at village hall, 101 Schaumburg Court in Schaumburg.