Our Chicago: Lollapalooza’s influence on tourism and companies

CHICAGO (WLS) — Tourism throughout the US and right here in Chicago is rebounding, however greater than two years after the beginning of the pandemic, Michael Jacobson, the president and CEO of the Illinois Resort and Lodging Affiliation, says enterprise journey remains to be lagging right here in Chicago.

That is why the leisure traveler is essential this summer time, and there are literally thousands of these vacationers on the town this weekend for Lollapalooza.

“So that is the most important weekend of the 12 months, yearly, Lollapalooza,” Michael Jacobson mentioned. “It brings 400,000 guests to town and it is only a important weekend for our inns, particularly proper now greater than enterprise journey whereas we watch for enterprise bother to nonetheless get better.”

Jacobson mentioned most of their inns had been offered out for Lollapalooza weekend. And whereas the information is not instantly accessible, he expects resort occupancy for the weekend to be within the excessive 80s, low 90 p.c vary for occupancy.

“Occasions like Lollapalooza not solely accomplish that a lot for our inns, however actually the broader financial system,” Jacobson mentioned.

Our Chicago: Half 2

Kiana DiStasi, Chief Advertising and marketing and Communications Officer with the Chicago Loop Alliance, agrees.

“Lollapalooza is at all times a giant financial driver for the Loop,” DiStasi mentioned. “The financial influence of the occasion is tens of millions.”

Chicago Loop Alliance tracks pedestrian counts and he or she says annually, Lollapalooza is once they see a number of the peak numbers by way of weekly pedestrian counts on State Road and all through the Loop.

“We do month-to-month information studies the place we compile metrics on every little thing pertaining to restoration, pedestrian counts, resort occupancy, workplace employees in workplace and the development traces are all pointing up,” DiStasi mentioned. “And should you’ve been within the Loop just lately, you are feeling the joy. Actually loads of that hustle and bustle is again. We’re speaking to loads of our enterprise homeowners who’re assembly 2019 numbers or typically exceeding their 2019 numbers by way of gross sales and site visitors, and so the information is actually good by way of how these issues are performing.”