The Edinburgh International Conference Centre has grown its revenue by 45% in what has been described as a “rebound” year.
The revenue increased to £11.8 million in the year to 31 December 2022 from £7.4 million in the previous financial year.
Around 72,000 people passed through the EICC doors on their way to a conference, and of course EICC was used as a main vaccination centre in partnership with NHS Lothian.
In the future the EICC and Hyatt Hotels Corporation announced a franchise deal for a 350-bedroom Hyatt Centric hotel in Haymarket. The hotel will be open in two years time and the revenues from it will help to sustain the EICC in its position as a major conference destination. The hotel will be very sustainable with zero fossil fuel energy use.
EICC CEO Marshall Dallas said: ““Our 2022 figures tell a post-pandemic rebound story and, combined with bookings in 2023 and the pipeline for 2024 and beyond, we have real confidence that the industry is moving back to pre-Covid levels.”
“The opening of the hotel means we will more than triple our revenue run rate, and will see us making significant achievements in terms of sustainability, as well as the development making us one of the most financially sustainable conference venues on the international scene. Overall, we are well on track with our strategic plan for the business.”
During 2022, the EICC launched an academic advisory board, known as the Exchange Initiative, to raise the city’s global profile, highlight world-class research coming out of the university sector, and drive association conference wins.
Marshall Dallas said: “The EICC plays an integral role in knowledge exchange, and Scotland’s knowledge economy itself.”
The EICC has a direct benefit to Edinburgh and the region of £51.9 million and Mr Dallas said this is “an important measurement of the benefit that the EICC offers to the city”. The new hotel development will also offer new jobs in the city.
Also, during the year, the conference and events venue announced that it had taken on the management and operations of Edinburgh’s Convention Bureau to help drive the city’s business events sector.
This week, the EICC hosts the Global Equity Organisation’s 24th annual conference, between 19-21 April.
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