Group event business is as predictable as a spring shower. As reliable as math. Which is why it represents as much as 15% to 50% of the revenue potential for most hospitality organizations - and why hotel management professionals increasingly make it a priority.

It provides protection from business downturns, improves forecasting, and reduces some of the risk associated with leisure business. Booking lead time for group business is simply longer - up to two years in some cases - and that gives managers greater insight into future performance. In addition, venues are often better able to protect themselves from canceled events thanks to contracted attrition clauses and cancellation fees.

In today's environment, that's a significant consideration: According to technology group D-Edge, average cancellation rates have increased to as high as 41% over the past four years. The study analyzed the online distribution performance of more than 200 different channels for 680 properties in Europe between 2014 and 2018.