The Event Planner's Guide to Hotel and Venue Sourcing

1 THE Event planner S Guide TO Hotel AND Venue SOURCINGLANYONTHE Event planner S Guide TO Hotel AND Venue SOURCING2 TABLE OF CONTENTSTAKE A BREATH: WHAT TO EXPECT AT THE STARTING LINE OF Sourcing ..3 THE WHO AND THE WHAT GOES WHERE? HOW TO CREATE AN RFP + KEY TERMS ..5 DIGGING DEEPER: REVIEWING AND COMPARING RFP RESPONSES + CONTRACT TIPS ..6 LET S GET DIGITAL: HOW ONLINE TOOLS CAN SAVE TIME AND MONEY ..7 LUCKY 13 BEST PRACTICES JUST FOR pressure is on. Multiple people asking you questions at once. Hundreds of attendees with high expectations - sounding their opinions. And executives waiting to see if this Event brings in the right bang for its buck. It s a high-stakes world for Event planners; and this doesn t even cover what goes on before the Event takes coordinators / planners rank among the top 10 most stressful jobs1, which isn t surprising when you consider the mountain of tasks necessary to put on meetings and events .

2 One of the first steps is deciding when and where all of these attendees will come together. Hotel and Venue Sourcing still remains a complex task for Event planners and, especially for newcomers or occasional planners, can sometimes be uncharted this white paper, you ll uncover how to navigate the Sourcing process from start to finish with tips and best practices from experts in the industry. If you re a novice, use this as your Guide to embrace Sourcing and launch into each step of the process. And if you re more experienced, comb it for insights on improving your approach and methods. Let s get The Most Stressful Jobs of 2014, CareerCast, January 2014 LANYONTHE Event planner S Guide TO Hotel AND Venue SOURCING3 TAKE A BREATH: WHAT TO EXPECT AT THE STARTING LINE OF SOURCINGFIRST, DECIDE WHAT IS MOST CRUCIAL FOR YOUR EVENTV isualize what you want your meeting and Event space(s) to look like and summarize everything you need to make the Event a success.

3 Here is a starter list to reference for each meeting and Event :CREATE YOUR REQUEST FOR PROPOSAL (RFP)This is your chance to be precise and forthcoming with your prospective hotels and venues seize this opportunity! By being upfront with your needs and including as much information as possible, you will save yourself time as well as the VENUEST hanks to technology, we have the advantage of fast access to researching Hotel and venues online. You can quickly access service levels by looking at Yelp, and other sites, for reviews and feedback by actual customers. Use online map searches to see the location and nearby areas as OUT YOUR RFPThe most important rule of thumb is to ensure your RFP is easy-to-read and respond to. This makes your business more attractive and may increase a YES response from hotels. Secondly, whenever possible, be flexible! From meeting dates to Event room setup, allowing some wiggle room could lead to cost savings.

4 Alternatively, be open in your RFP if you have strict dates that cannot be T SIGN A CONTRACT check to make sure all of your terms and conditions are included. This means any upgrades, free amenities (Ex: free Wi-Fi), complimentary rooms, ability to bring in outside vendors (if needed), etc. If you have corporate terms and conditions, this is the time to attach them. And ALWAYS make sure you and the Hotel have dually-signed out a hotelier s dream RFP example! + Quantity of rooms needed + Square footage needed for each meeting space + Setup dates and times (early setup for rehearsing) + Will you need to store items? + Internet requirements/availability + Sleeping room blocks needed + Shoulder vs peak nights + Functional space and room setup + Ceiling height requirements + AV requirements + Food and beverage plans + Parking / transportation + Rooms types (Suites,Double/Double, Staff) + Early check-in / late check-outLANYONTHE Event planner S Guide TO Hotel AND Venue SOURCING4We asked buyers on LinkedIn for their advice on RFPs and they were unanimous be open, be honest and share info!

5 Cara Tracy, CMP, CMM:The most important thing on both sides planner and supplier is open, honest communication. The planner should be clear about their needs, budget, etc. up front and the supplier should be up front about what they can offer, any possible issues, MPI s Meeting & Event Discussion GroupDaryl C Taylor, CMP:Please make sure that the 5 W s (who, what, where, when and why) are incorporated in your RFP. This is the information that is needed for the vendor to develop the how in answer to the PCMA Global Meetings CommunityJoshua Grimes, Attorney at Grimes Law Offices, LLC:Planners should make their RFPs as comprehensive as possible, including a thorough description of the Event , any per diem rate caps imposed by their organization, requested concessions, and contract provisions they will insist upon. Providing this information up-front in the RFP will allow suppliers to provide a proposal tailored to the planner s needs.

6 It will also likely speed up contract negotiations once a supplier is selected, because many of the important contracting points will also have been MPI s Meeting & Event Discussion GroupLANYONTHE Event planner S Guide TO Hotel AND Venue SOURCING5 THE WHO AND THE WHAT GOES WHERE? HOW TO CREATE AN RFP + KEY TERMSWhen it comes to RFPs, apply the rule of three: Event DETAILS include your meeting or Event name, the Event date(s), and the types and quantities of sleeping rooms needed per day. Event SPACES submit information for rooms needed for general sessions, breakout sessions, meals, happy hours, etc., along with room setup information and the number of estimated attendees. Event CONDITIONS know what you must have to make your Event a success and include that in your request. The more specific you can get about your requirements, the better. Need help building your Event specifics? Keep these thoughts in mind: +Destination vs Stay-cation?

7 Either way, be sure to narrow this down to three cities at the most. +Type of meeting This will affect the Hotel category and price ranges you want to open your RFP to. Think about company trainings vs client-facing meetings ( low-end vs high-end events ). +What amenities and services are important to your Event ? Not just inside the Hotel but for offsite activities, if applicable, as well. +Do you have any brand preferences? +Most importantly, limit your search to 5 8 hotels per RFP. This will show the hotels you are serious about considering their KEY TERMS TO KNOW RFP vs eRFP an electronic request for proposal (eRFP) is processed entirely online with prepopulated fields to help complete the RFP quickly and better known as Food & Beverage and likely at some point to drive up unexpected costs. Consider setting a low minimum with the Hotel or soliciting sponsors to find savings2. Read about affordable F&B case studies here!

8 Sleeping Rooms estimated number of rooms you anticipate needing to accommodate your attendee s or guest s stay for your Days the days before and after your Event in which attendees or guests might arrive earlier or later for related activities. Examples: optional golf tournaments or certification course the percentage you can stray from your original order with the Hotel before you would be responsible for damage 5 RFP Tips Now!Did you online Sourcing tools simplify the process of finding the perfect hotels and venues for your Event including simple tools to craft your F&B on a Budget, Meetings & Conventions, December 2013 LANYONTHE Event planner S Guide TO Hotel AND Venue SOURCING6 DIGGING DEEPER: REVIEWING AND COMPARING RFP RESPONSES + CONTRACT TIPSGood news! Your RFP responses are rolling now what? Here are the questions you should review while you re comparing them. It s not always apples-to-apples so keep your budget and list of must-haves top of mind during this Can they accommodate your dates?

9 Or if you had room to be flexible on dates, is the cost savings worth the new proposed dates?2. What is the cost across the package? Factoring in sleeping rooms, F&B, rental fees, shipping fees (collecting and holding packages), fees for Wi-Fi (one set fee vs pay per person). Is anything comped? Also, look carefully at rules and restrictions. For example, if the Hotel is part of a union, you might be working with certain time and task How far is the Hotel or Venue ? This is relative to what is most important to you, your executives, your attendees, etc. Is your preference to be closer to a main airport? City attractions?4. Which amenities are the most attractive? Whether a world-class golf resort sways your decision or a top-notch business center for your attendees to use, look at which hotels and venues can help create a memorable experience for your How do their guest ratings and reviews compare?

10 As we mentioned during your research step, look on Yelp or other sites to see what other customers have to say about the property. And, talk to other people in the industry to see what they think about the Venue s , pick the top 2 3 hotels and contact them with any follow up questions and/or to inquire about an in-person site tour or virtual YOU DECIDE ON YOUR Hotel OR Venue , CONSIDER THESE TIPS BEFORE FINALIZING YOUR CONTRACT: +Negotiate on the first payment. Try to scale down (example, 10%) upon signing to leave a cushion for long-term planning costs. +Be knowledgeable about attrition clauses the target profit amount for hotels on rooms is about 75% of the room rate and the target profit window on F&B is around 25% 35%. Be sure to limit your liability to the portions of the rooms or F&B that would be considered lost profit. Get an in-depth Guide to room block management and avoiding attrition charges here.