While the SHRM Annual Conference just ended, the SHRM Housing Office gave attendees a sneak peek into the prices for the 2018 Conference being held in Chicago, IL, June 17-20. You, too, can make your early reservation for next year’s conference (only good until 6/23…otherwise you’ll have to wait until November) by clicking here.
So, how expensive will hotels cost and how does it relate to previous years? To examine this question, I look at selected SHRM conference brochures (i.e., the ones that I still possessed) over the past 17 years to see what it would cost a person to book a single room on a per night average. Clearly, prices in 2001 will be different than in 2018, so I use an inflation calculator to adjust costs to today’s dollars.
What do the results tell us?
Cost of an Average SHRM-Affiliated Hotel (per night: 6/17-6/20; 1 room, 2 persons)
San Francisco (2001): $276.64 (standard deviation of $60.99)
Chicago (2008): $276.62 (standard deviation of $31.85)
Washington DC (2016): $274.99 (standard deviation of $32.49)
Chicago (2018): $272.47 (sd of $17.47)
San Diego (2010): $264.39 (sd of $45.41)
Chicago (2013): $260.91 (sd of $21.61)
Washington DC (2006): $250.57 (sd of $43.05)
Philadelphia (2002): $235.02 (sd of $62.84)
New Orleans (2017): $221.39 (sd of $35.56)
San Diego (2005): $220.80 (sd of $53.84)
Atlanta (2012): $212.25 (sd of $23.68)
Las Vegas (2007): $180.73 (sd of $34.83)
Orlando(2014): $168.55 (sd of $37.51)
Las Vegas (2015): $147.07 (sd of $23.54)
Las Vegas (2011): $138.8 (sd of $19.26)
SHRM 2018 looks to one of the more expensive options compared to previous years. Rooms, on average, will cost approximately $51 (+ tax) MORE per night than this year’s conference in New Orleans. Add in the expensive hotel tax rate, and that’s about the cost of two large Deep Dish pizzas at Gino’s East per night you could have had as an alternative.
Complicating matters is the very low standard deviation (out of 53 hotel options). This means there is not a lot of variation in hotel prices from that average, regardless of hotel quality. There are not bargains to be had currently (there could be more hotels added in November). The five number summary also bears this out:
Maximum: $305 (plus tax)
3rd Quartile: $285
1st Quartile: $264.75
Seventy-five (75) percent of the options are more that $264.75.
What does this mean? Start saving your pennies. The silver lining? SHRM is in Las Vegas in 2019, and as the list above demonstrates, three of the four cheapest hotel options are located there. You’ll be able to stay at 5-hotels at a lower rate than most of the options in Chicago next year.
See you in June 2019.