June 4 (Reuters) - Business travel has returned to the
United States, hotel executives at a New York industry
conference said this week, as companies of all sizes are
increasingly booking trips at higher levels and prices than
before the pandemic.
Corporations are eschewing long-haul international business
travel, however, and are instead prioritizing U.S. trips. Small-
and medium-sized enterprises have led the recovery over the past
couple of years, but large corporate bookings are rising as
well.
"Business travel is back and it is on a steady rise," Hyatt
Hotels Corp ( H ) Chief Executive Officer Mark Hoplamazian said
late on Monday at the NYU International Hospitality Industry
Investment Conference.
Hoplamazian said the company's corporate accounts in April
are up 12% year-to-date and total business travel is up 6%
cumulatively year-over-year. Hyatt primarily serves larger
corporate clients.
Smaller- and medium-sized enterprises generate more repeat
business as they prioritize meeting more often and closer to
home, said Accor Chief Executive Officer Sebastien
Bazin.
Pricing for large corporate accounts is up about 5% to 8%
for the next 12 months, he said.
"Business is back but it's a different business travel mix,"
he said.
The business travel rebound is also fuelling a recovery in
group business travel, and at higher prices.
"Group is the strongest performing segment right now," said
Marriott International Chief Executive Officer Anthony
Capuano. "To get the dates, space and cities that
want, they are saying 'can I book five, six, seven years out',"
he said.
There is a tremendous level of interest by associations to
get the dates they need, said Hyatt's Hoplamazian.
"In some cases group business, this is large meetings, it's
pretty significant mid-single digit price growth, " said Hyatt's
Hoplamazian.