THE boss of the Edinburgh International Conference Centre (EICC) has highlighted “fast-returning confidence” in the business convention sector following the upheaval sparked by the pandemic.
EICC has reported a 45 per cent rise in revenue to £11.8 million during 2022, hailed as a “rebound” year for the events destination. But profits dropped to £700,000 from £1m because of increased costs, including utilities.
The EICC said around 72,000 delegates attended events at the EICC which is ultimately owned by City of Edinburgh Council, last year, meaning it has now hosted more than two million delegates since opening in 1995.
Fewer than 15,000 people attended events at the centre the year before, when it was closed to "in-person" events for most of the year due to Covid restrictions. The EICC was used as a Covid vaccination centre for much of 2021.
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Notable events that took place at the EICC in 2022 included the Turing Fest tech conference, the World Forum for Foreign Direct Investment, and Digital Scotland.
Analysis carried out by the EICC measured its economic impact on the city at £51.9m, taking its overall impact to date to £790m.
Marshall Dallas, chief executive of EICC, said: “Economic impact is an important measurement of the benefit that the EICC brings to the city, and the planned hotel and hotel school development is going to add to this number while creating jobs in the sector.”
In July last year EICC signed a franchise agreement with Hyatt Hotels Corporation for a 350-bedroom hotel and hotel school in the Haymarket area.
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The company said the Hyatt Centric, which is set to open its doors in 2025, will strengthen the EICC as an international event destination. It said the revenues generated by the hotel will be reinvested in the conference centre and hotel and hotel school to help address the recruitment challenges faced by the Scottish hospitality industry.
Mr Dallas said: “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.”
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