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Coming to town

People who attended the annual Virginia Fire Rescue Conference in February could buy the latest rescue equipment, tools, turnout gear, radios, oxygen tanks — even a 30,000-pound pumper fire truck.

“If you’ve got your checkbook … you can drive that truck home,” says Christian Eudailey, executive director of the Virginia Fire Chiefs Association, which organizes the conference every winter in Virginia Beach.

More than 2,000 fire and rescue personnel flooded the Virginia Beach Convention Center’s 150,000 square feet of indoor space during the six-day conference. The association budgets about $425,000 for the event to cover expenses like facility rental, audiovisual needs and staff lodging.

Event attendees booked about 2,000 room nights across a week this year. The association’s budget doesn’t include meals, tourism activities or nights on the town for the attendees, many of whom bring spouses and family with them.

“The restaurants see a real uptick in their business” when the convention is in town, Eudailey says. “You’ve got a lot of hungry firefighters who like to eat.”

Conventions such as the Virginia Fire Rescue Conference clearly bring dollars to Virginia Beach, but the extent of economic impact delivered by those kinds of events hasn’t been fully measured in Virginia. That will change soon, as the Virginia Tourism Corp. was set to release the results of a study, the Economic Impact of Meetings in Virginia, conducted with global travel research firm Tourism Economics, in late October, after this story went to press. The study was expected to show that convention business provides a substantial economic benefit to communities, a benefit that seems to have eclipsed pre-pandemic levels of visitor spending.

Dan Roberts, VTC’s vice president of research and strategy, says in-person business gatherings and conferences are increasing in number, easing fears among tourism officials that the pandemic had permanently shifted the landscape away from large-scale, in-person meetings for businesses and other organizations.

“Back in 2020, people asked if business travel would ever come back,” Roberts says. “It’s coming back in earnest.”

Conventions are big business, even if they’re not business-related. In Richmond, the sci-fi and fantasy-themed GalaxyCon brought 33,000 people to the Greater Richmond Convention Center over three days in March, providing a $2.86 million economic boost, according to GalaxyCon founder and President Mike Broder.

The 25-year-old downtown Richmond convention center, the largest in the state at 700,000 square feet, hosted 218 events in fiscal 2023, up 21% from the previous year. That’s according to the authority that manages the facility, an organization created by the governments of the City of Richmond and Chesterfield, Hanover and Henrico counties.

A booming business

Arlington County’s Convention and Visitors Service worked with groups that added as much as $32 million to the local economy. That number, however, is just the business that the convention service’s two-person team handled themselves. The county has no general convention center, relying instead on four major hotels and other venues for much of its convention traffic, which means getting total economic numbers is nearly impossible.

“An American Werewolf in London” actor Griffin Dunne signs autographs in 2023 at Nightmare Weekend Richmond, an event put on by GalaxyCon at the Greater Richmond Convention Center. Photo courtesy GalaxyCon

“It’s hard to wrap your arms around it all because the hotels are so competitive among themselves that they don’t want to share which conferences they got, [or] how many room nights they were booked,” says Portia Conerly, Arlington Convention and Visitors Service’s sales director. “Because the minute that’s out there, then everyone’s pouncing on that opportunity for the next time.”

Convention business is booming in Northern Virginia, though, where Roberts and other tourism officials say that competition among hotels and municipalities is driving growth in weeknight lodging stays by convention attendees, a sign that people are arriving at convention sites earlier and staying longer.

From Virginia Beach to the Blue Ridge Mountains, organizations are gathering in groups that range from a few dozen to thousands.

“Virtual meetings are not going anywhere, but face-to-face experiences are what people are looking for,” says Roxana Rivera, Arlington Convention and Visitors Service’s destination sales manager. “That’s where the opportunities are, and people are realizing that. And we are able to see that with the number of meetings and events that keep going up.”

Northern Virginia lost much of its travel business during the pandemic, when companies and organizations significantly reduced their in-person gatherings, a market that took longer to rebound than leisure travel.

“It’s been a long recovery,” Roberts says. “The conventions and meetings market was the hardest hit, and it’s been hard to come back.”

The economic impact of meetings comes in two primary ways, he says: visitor spending and operational spending. Visitors benefit the economy by spending money on items such as meals, lodging, transportation and retail within a locality. The impact of operational spending comes from money that supports a conference venue and its workers, as well as meeting planners, audiovisual professionals and people in other roles.

“That is a huge piece of this,” Roberts says of operational spending. “It’s a massive chunk of change.”

Standing out

The needs of convention planners vary, but one of the most basic is the need for space, whether for their members or exhibitors.

“I need a place where I can drive a 60,000-pound ladder truck onto a floor that can hold it,” says Eudailey, the retired Spotsylvania County fire chief who has planned the fire and rescue conference the past 11 years. His group and associated vendors and trainers fill nearly every inch of the vast Virginia Beach center every February.

Space, and the need for lots of it, was the final frontier for GalaxyCon, which landed in Richmond for the first time in 2019. The organization’s Raleigh, North Carolina, convention attracted attendees from Virginia, which prompted organizers to expand into the commonwealth, says Broder, GalaxyCon’s founder. Organizers knew they needed a massive facility to contain more than 30,000 fans, plus vendors.

“There was no large-scale Comic Con event in the area,” Broder says. “Richmond is a vibrant and growing city with a strong student population, which is important to us. The convention center is large enough to host an event like ours. Anything smaller would be challenging, which made it more attractive than some other convention
centers in the region.”

Convention planners now look beyond basic amenities such as large rooms, food, high-speed internet, audiovisual capabilities and other standard fare at convention facilities. These days, event planners want unique experiences for their attendees, often leavened by special requests of host venues.

Groups and businesses want to know what kind of sustainable practices a facility employs, from recycling waste to using renewable energy sources to being LEED-certified. Planners want to know if disabled attendees will be properly accommodated, or if the venue recommends recreational or even community service opportunities for visiting members.

One group that held its convention in Arlington even requested that a local animal shelter provide puppies for their members to play with during breaks.

“Meetings can be a little hectic,” says Arlington’s Conerly, who has found herself playing chief puppy wrangler for visiting conventioneers. “They want to get everybody relaxed again, which I think is cool, so they want to know about those things.”

Added benefits

In Roanoke, regional visitors bureau Visit Virginia’s Blue Ridge pushes outdoor recreation as a way to attract out-of-town meetings to venues such as The Hotel Roanoke & Conference Center and the Berglund Center. VBR promotes the Roanoke Valley’s hundreds of miles of hiking and mountain biking trails, kayaking and canoeing on the Roanoke River, and more than 20 miles of paved greenways as reasons to meet in the Star City.

“Everyone has a convention center, and when you’re inside, you could be in Virginia or in Utah or New York, because they look the same,” says John Oney, VBR’s vice president of sports and sales.

“How do we differentiate ourselves? For us, it’s outdoor recreation. … It gets a meeting planner fired up when you tell them you can take e-bikes on a brewery tour,” he adds.

VBR hosted 40 events in the Roanoke Valley, creating an $11 million local economic impact in fiscal 2023, but Oney says perhaps 100 or more other large meetings take place in Roanoke. In addition to spending money in the city, some conference attendees perform community service; some groups have volunteered at Roanoke’s Mill Mountain Zoo while in town.

Wytheville, a town of 8,100 right in the Blue Ridge Mountains, opened its own meeting center in 2007 to take advantage of its location at the intersection of interstates 81 and 77, which makes it a convenient meeting spot for groups from a four-state region. The site hosts about 750 events a year, both large and small.

“One of our biggest attributes is our location,” says Shane Terry, Visit Wytheville’s social media and marketing projects coordinator. “We get a lot of overnight stays and
we work with approved caterers, so the meals tax alone makes a lot of economic impact.”

If anything, convention hosts aren’t just selling a facility to hold a meeting. They are also selling their towns and cities and regions to potential businesses and residents, says Emily Cassell, director of the Arlington Convention and Visitors Service.

“We think about every visitor and every meeting and group that comes here as a potential entrée into economic development,” she says. “They see our neighborhoods. They see our food scene, our art scene. … All of those other assets that our community offers are a potential motivator for later business investment, or for a company move or a company expansion. That’s something unique in Arlington, that really tight connection between tourism and
economic development.”  

Out & About July 2024

1. James W. Dyke Jr. with McGuireWoods Consulting received a lifetime achievement award from the Virginia Chamber of Commerce May 16 in Richmond. L to R (front row): Virginia House of Delegates Speaker Don L. Scott Jr., D-Portsmouth; former Gov. Douglas Wilder; Dyke. L to R (back row): Virginia Sen. Lamont Bagby, D-Henrico, former U.S. Sen. George Allen. Photo by Kaveh Sardari, courtesy Virginia Chamber of Commerce.  2. Hollins University held its annual reunion weekend May 31 through June 2. L to R: Mary Ann Harvey Johnson, class of 1967; Agnes Reid Jones Jenny, class of 1944; Mary Clare Abbott, class of 2025; and Hollins President Mary Dana Hinton prepare for the parade. Photo by Anna Logan Lawson, courtesy Hollins University.  3. L to R: Henry Ware, executive sales director at Total Quality Logistics, Norfolk Mayor Kenny Alexander and Hampton Roads Alliance President and CEO Douglas Smith celebrated at a June 4 ribbon-cutting for the freight brokerage’s new Norfolk office. Photo courtesy City of Norfolk.  4. The 25th annual meeting of TowneBank shareholders at the Virginia Beach Convention Center May 22 included a celebration of Judge Richard S. Bray, who died May 4 and was lead director of TowneBank’s corporate board. Bray family members attended, L to R: Bryan Bejarano, Bobby Bray, Oscar Bejarano, Dawn Bray, Shannon Bejarano and Kaylee Bejarano.  5. L to R: Jason Ferguson, Central Virginia Community College’s associate vice president for professional and career studies; Christine Kennedy, Lynchburg Regional Alliance chief operating officer and executive vice president; and Jason Clark, CVCC’s coordinator of CTE initiatives, attended a May 9 business appreciation event hosted by the Bedford County Economic Development Authority at The Venue at 109.

Cvent to be acquired in $4.6B deal

Tysons-based meetings and events software company Cvent Holding Corp. has agreed to be acquired by New York-based private equity firm Blackstone in a deal valued at about $4.6 billion, the company announced Tuesday.

Under the agreement, Cvent stockholders will receive $8.50 per share in cash, representing a premium of 52% to the volume weighted average share price over the 90 days prior to Jan. 30, the day before news reports of a potential sale. A wholly-owned subsidiary of the Abu Dhabi Investment Authority will be a significant minority investor alongside Blackstone as part of the transaction.

Founded in 1999 by CEO Reggie Aggarwal, Cvent has about 4,900 employees and approximately 22,000 customers. Cvent has helped manage more than 5 million events and lists more than 302,000 hotels and venues via its Cvent Supplier Network, an online platform with tools to search, negotiate and contract with hotels and venues for event space.

“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,”  Aggarwal said in a statement. “As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem.”

Cvent adapted to provide remote events software in addition to its live event management services amid the pandemic.

“The continued events and travel recovery is one of Blackstone’s highest-conviction investment themes,” David Schwartz, a senior managing director at Blackstone, said in a statement. “Given our extensive experience in the hospitality, events and real estate sectors, we believe Blackstone is well-positioned as a growth partner for this exceptional business.”

In connection with the transaction, investment firm Vista Equity Partners, a majority stockholder of Cvent, has agreed to invest a portion of its proceeds as nonconvertible preferred stock in financing for the transaction. In 2016, Vista acquired Cvent for $1.65 billion and took it private. Cvent again went public in December 2021 after closing a $5.3 billion merger with San Francisco-based SPAC Dragoneer Growth Opportunities Corp. II.

“Since Vista first invested, Cvent has undertaken considerable business transformation and has been a testament to how we partner with founders like Reggie to help their businesses scale and thrive,” Cvent Board Chair Monti Saroya, who is also co-head of the Vista Flagship Fund and a senior managing director, said a statement. “The newly digitized events landscape, coupled with Cvent’s strong existing customer base and commitment to innovation, has provided a new growth vector in a post-COVID world. We look forward to seeing the company continue to execute on the opportunities ahead of it.”

The transaction is expected to close mid-year 2023, subject to the satisfaction of customary closing conditions, including receipt of approval by Cvent’s stockholders and required regulatory approvals. Upon completion of the transaction, Cvent’s common stock will no longer be publicly listed, and Cvent will become a privately held company.

Blackstone has $975 billion in assets under management, including in private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds.

Pharrell’s Mighty Dream forum coming to Norfolk Nov. 1-3

Executives from Google, H&M, Universal Music Group, Yelp and McDonald’s will join Grammy winner Pharrell Williams Nov. 1-3 in Norfolk for his Mighty Dream forum, a sequel to last fall’s Elephant in the Room event.

Along with panel discussions and networking events focused on making work and business opportunities more equitable and supporting and growing Black-owned businesses, the conference will include a small business-focused block party and nightly concerts.

Last October’s Elephant in the Room event at Norfolk State University included discussions with business leaders co-moderated by Williams, who is involved in two major Hampton Roads developments — the redevelopment of Military Circle Mall and the Atlantic Park surf park project in Virginia Beach.

Williams also is the force behind Something in the Water, which debuted in 2019 on Virginia Beach’s Oceanfront, but he moved the music festival to Washington, D.C., this summer, after announcing in 2021 that he was pulling the festival from his hometown because of the city’s “toxic energy,” including the police shooting of his cousin.

Despite this, the music and fashion superstar maintains close ties to Norfolk and, in particular, Norfolk State University, where he has twice addressed graduating classes. Mighty Dream, while featuring appearances by Williams and fellow Hampton Roads hip-hop star Pusha T, as well as musical performances, will be more focused on business.

In an interview with Virginia Business in January, Williams said he planned the conference to include “full days of caucuses and panels,” featuring Fortune 500 business leaders but also including Norfolk and Virginia Beach voices — a cross between Davos, Switzerland’s World Economic Forum and Austin, Texas’ South by Southwest. The focus, the Virginia Beach native says, is to provide more economic opportunities for the region and make them more equitable for underrepresented groups, particularly Black residents.

Executives slated to participate include Felecia Hatcher, CEO of Williams’ Black Ambition Opportunity Fund, which provides grants to diverse entrepreneurs; Corey Smith, vice president of diversity and inclusion at LVMH Inc., the holding corporation that owns Louis Vuitton and other luxury companies; Stacey Owsley, executive director of Yellow, Williams’ nonprofit educational organization, which started the Yellowhab school in Norfolk; former NBA all-star Joakim Noah, who is an ambassador to the Basketball Africa League and an investor in NBA Africa; and Lisa Osborne Ross, the U.S. CEO of Edelman, the global public relations firm. Astronaut Leland Melvin, comedian and actor Hannibal Buress and Google Vice President and Chief Diversity Officer Melonie Parker are also scheduled to appear.

The three-day event kicks off Nov. 1 with “Black Ambition Demo Day,” a showcase of “trailblazing Black and Latinx entrepreneurs,” including a special guest and a conversation with 2021 grand prize winners. Williams will take part in several panels, including several business leaders, angel investors and NSU President Javaune Adams-Gaston, who will provide updates on what has happened since Elephant in the Room. A “Business Block Party” is scheduled the evening of Nov. 2, with small businesses, organizations and food trucks setting up in the NEON District, and on Nov. 3, H&M’s Annie Wu, who leads the clothing retailer‘s global diversity and equity efforts, will discuss her company’s path to becoming more inclusive.

A full schedule is available at mightydreamforum.com.

Mighty Dream will also feature evening concerts at local music venues around Norfolk. Tickets for daytime events are available at mightydreamforum.com, with three-day badges ranging from $75 for students up to $3,500 for “C-Suite level” access.

Out and About Virginia 500 2022 Power List Edition

On Sept. 14, Virginia Business held its Power Up networking reception, recognizing the executives named to the 2022 edition of the Virginia 500. During the event, which was held at
the Boar’s Head Resort in Charlottesville, Virginia Business Editor Richard Foster recognized the lifetime achievements of the 22 leaders named to this year’s Virginia 500 Living Legends list.

1. Bernie Niemeier, Virginia Business
2. Morton G. Thalhimer Jr.
3. Timothy Faulkner, The Breeden Co., and Paul Gaden, Sentara Healthcare
4. Joseph W. Montgomery, Wells Fargo Advisors; John Jimenez, Quirk Hotel; Carrie Bartlett and Whitney Hancock, USI Insurance Services; Linda Montgomery
5. Greg Wallig, Grant Thorton LLP
6. Kameron Gary, Reto Corp.; Merthia Haynie, Abilities Abound Physical Therapy; Earl Gary
7. Brooke Hall, Accent Professional Recruiting; Maggie Reed, Gilbane Building Co.
8. Robert M. “Bob” Tata, Hunton Andrews Kurth LLP; Del. Anne Ferrell Tata, House of Delegates, 82nd District
9. Elizabeth McClanahan, Virginia Tech Foundation; Tiffany Dabney, D & H Construction
10. Jonathan Jasmin-Benoit, Embassy of Canada; Kathleen Magee and Melissa DiBona, Operation Smile
11. Tricia Dunlap and Claire Guthrie Gastañaga, Dunlap Law PC
12. Amy and Richard Thalhimer, Georgetown Enterprises Inc.
13. Brian Revere, The Breeden Co.
14. Matthew Guthrie, Truist
15. Allison Gregory, Truist; April Pruitt, Edward Jones

Out and about

Virginia Business held its 17th annual Virginia CFO Awards banquet at The Jefferson Hotel in Richmond on June 16. Sponsored by Truist and Brown Edwards, the event honored 51 CFOs from around the commonwealth, nominated in four award categories, representing a variety of for-profit businesses, nonprofits and government agencies. (See Pages 59-64 for the full list of nominees and finalists, with profiles of each of the category winners.) Photos by Rick DeBerry.

Cvent goes public again

Tysons-based event software company Cvent Holding Corp. began trading on the Nasdaq Global Market Dec. 9 after closing its merger the day before with San Francisco-based SPAC Dragoneer Growth Opportunities Corp. II.

The move is Cvent’s second time going public. In 2016, Vista Equity Partners acquired it for $1.65 billion and took it private. The deal with Dragoneer was first announced in July and valued what was then Cvent Inc. at about $5.3 billion.

The company registered 487 million shares at a maximum price of $9.96 a share, according to Dragoneer’s S-4 filing with the U.S. Securities and Exchange Commission. It is trading under the ticker symbol “CVT.” As of 4 p.m. Thursday, shares were trading for $8.10.

Cvent adapted to provide remote events software in addition to its live event management services amid the pandemic. Its virtual events arm now generates more than $100 million in revenue, The Wall Street Journal reported.

Cvent’s return to the public market reflects changes in the industry, Cvent CEO and founder Reggie Aggarwal said in a statement.

“Organizations around the world want to get back to meeting — whether virtually, in-person or both with hybrid — and are leveraging technology more than ever to connect with their attendees,” Aggarwal said. “We’ve invested heavily in our virtual and hybrid event solutions so that now, no matter how our nearly 21,000 customers want to bring people together, Cvent can help them deliver more engaging, impactful experiences.”

Founded in 1999, Cvent provides an event marketing and management platform using the software-as-a-service model. The company has more than 4,000 employees. It reported $134.1 million in revenue for the third quarter of 2021, a 13% increase from the same quarter last year.

Diversity Leadership Series: Ron Carey and Brian Robertson

Brought to you by Virginia Business and Bank of America, join us every other month for the Diversity Leadership Series — virtual fireside chats with a diverse group of Virginia business leaders sharing their insights and thoughts on leadership, their career paths, and diversity and equity. Our series kicked off on July 20 with Brian Robertson, CEO of Mechanicsville-based Marion Marketing Global LLC, interviewing Ron Carey, founder and CEO of Tilt Creative + Production, a Richmond-based agency that produces advertising and promotional content for clients such as Capital One, Walmart and Audi of America.

 

Beer Marketing & Tourism Conference coming to Richmond in 2021

Richmond will play host to next year’s Beer Marketing & Tourism Conference, Richmond Region Tourism announced Friday. The annual conference draws attendees from breweries, guilds, tour operators, marketing agencies and media from around the country.

The 2021 conference will take place Feb. 23-25, 2021, at the Omni Richmond Hotel downtown. Richmond’s craft beer profile has grown in recent years, and the state has more than 200 breweries. In a recent study by C+R Research, Virginia is among six states where craft breweries have grown the most since 2015, seeing 36% in growth.

“Richmond is a fantastic location for the Beer Marketing & Tourism Conference,” said Allan Wright, president of Zephyr United, the Montana firm that runs the conference. “It has an outstanding beer scene and is actively engaged in promoting the region as a beer tourism destination. We are excited to be heading to Richmond in 2021.”

The conference will feature a keynote talk from Greg Koch, co-founder of California-based Stone Brewing Co., which located its East Coast brewery in Richmond in 2016. Stone had the ninth-highest sales volume of U.S. craft brewers in 2018, according to the Brewers Association’s study released last March.

2020 Virginia Business Best Places to Work Awards

Virginia Business unveiled its 2020 list of the Best Places to Work in Virginia at its 10th annual awards luncheon, held Jan. 31 at The Boars’ Head Resort in Charlottesville.

Top category winners were:

A complete list of all 100 Best Places to Work winners can be found in our February issue

A special thank you to event partners, Best Companies Group and HR Virginia and to event sponsors W.M. Jordan Company and University of Virginia – Human Resources.

Check out gallery of winners’ photos below.  For a digital copy of your company’s photo, please contact  Adrienne D. Reaves