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HomeMy WebLinkAbout12. Vail_Executive_Summary_+_Industry_Wide_2016-12-31Destination: Vail Period: Bookings as of December 31, 2016 Data based on a sample of up to 25 properties in the Vail destination, representing up to 2,096 Units ('DestiMetrics Census'*) and 53.0% of 3,954 total units in the Vail destination ('Destination Census'**) a. Last Month Performance: Current YTD vs. Previous YTD 2016/17 2015/16 Vail Year over Year % Diff DestiMetrics Industry Wide Year over Year % Diff 61.8% 58.5%5.7% 0.6% $679 $610 11.3% 12.5% b. Next Month Performance: Current YTD vs. Previous YTD 66.3% 62.0%7.0% 4.4% $557 $528 5.6% 6.4% c. Future Months' On The Books Performance, February to June: Current YTD vs. Previous YTD 61.2% 54.1%13.2% 5.4% $591 $560 5.5% 6.2% 36.0% 41.1%-12.4%3.2% $579 $564 2.7% 4.9% 14.3% 10.6%35.7%-2.4% $247 $230 7.3% 15.2% 5.1% 4.8%5.6% 2.6% $140 $157 -10.8%4.1% 41.8% 40.5%0.1%-2.9% $399 $380 11.1% 11.8% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Dec. 31, 2016 vs. Previous Year 6.5% 6.3%2.5%-5.7% For more information: Vail Contact Information: Kelli McDonald, Economic Development Manager; (970) 479-2454 kmcdonald@vailgov.com www.vailgov.com Vail Calendar of Events Click Here for Current Events Calendar DestiMetrics, LLC Contact Information: 678 S. Franklin St., Denver, CO 80209 303-722-7346 info@DestiMetrics.com www.DestiMetrics.com Produced by DestiMetrics Copyright © 2016 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (December, 2016) compareed to Rooms Booked during the same period last year (December, 2015) for all arrival dates is up by (2.5%) Booking Pace (December): On the Books Occupancy Rates for May are up (5.6%) compared to the same period last year, while Average Daily Rate for the same period is down (-10.8%). Occupancy May ADR May On the Books Occupancy Rates for June are up (0.1%) compared to the same period last year, while Average Daily Rate for the same period is also up (11.1%). Occupancy June ADR June On the Books Occupancy Rates for March are down (-12.4%) compared to the same period last year, while Average Daily Rate for the same period is up (2.7%). Occupancy March ADR March On the Books Occupancy Rates for April are up (35.7%) compared to the same period last year, while Average Daily Rate for the same period is also up (7.3%). Occupancy April ADR April Occupancy Rates for next month (January, 2017) are up (7.0%) compared to the same period last year, while Average Daily Rate is also up (5.6%). Occupancy (January) : ADR (January) : On the Books Occupancy Rates for February are up (13.2%) compared to the same period last year, while Average Daily Rate for the same period is also up (5.5%). Occupancy February ADR February DESTINATION LEVEL RESERVATIONS ACTIVITY SUMMARY Presented as a community service by the Vail DestiMetrics participants and subscribers Executive Summary: Vail Occupancy Rates during last month (December, 2016) were up (5.7%) compared to the same period last year (December, 2015) , while Average Daily Rate was also up (11.3%). Occupancy (December) : ADR (December) : MARKET OVERVIEW: Mountain destination travel was strong in 2016, supported by good weather and, importantly, a period of robust economic growth despite potential downward pressure at- home and abroad. The Dow added a slight 68 points in December, closing at an all-time-high monthly record of 19,192. Employers added 156,000 new jobs in December which was somewhat below expectations, but wages increased for the month and were up 2.8 percent for the 2016 calendar year, the largest annualized increase in wages since the 1960’s. Consumer Confidence increased sharply in December, adding 4.3 percent and finishing at 113.7 points, its first foray above 110 points since July 2007. Though we saw a dip in Christmas weekend bookings again this year similar to Christmas 2015, there was a slight gain for New Year’s Eve. Overall, December was up across the industry in aggregate. Based on an aggregate data from all DestiMetrics destinations, occupancy for December was slightly up 0.6 percent versus the same time last year, while rate was up 12.5 percent for the month. Bookings taken in December for arrival in December were down -9.4 percent (not shown). Locally, Vail Occupancy was up 5.7 percent in December versus 2015, while rate increased 11.3 percent. Vail's aggregate historic six month (July- December) occupancy (not shown) was up 10.3 percent compared to the same period last year while rate increased by 9.3 percent. Bookings taken in December for arrival in December was down -0.7 percent (not shown). LOOKING FORWARD:With financial and consumer marketplaces continuing to pace positively into the New Year, investors and consumers will be closely monitoring the economic climate following the upcoming presidential inauguration and administration efforts to implement policies that were socialized over the past two months. Our other wildcard, weather, has been a mixed bag, as many resorts have been overwhelmed by heavy snowfall. While a blessing on the surface, some resorts have been forced to close for periods of time due to unsafe conditions or operations unable to keep up with fast accumulations. For some drive destinations, the timing of the snowfall may result in excellent conditions with no access to the resorts. In all cases, snow equals positive imagery and has the added benefit of boosting some very much needed snowpack levels. The positive business trend for Mountain consumers this winter season continues, as metrics for the winter season and the next six months are gaining . Based on the aggregate of DestiMetrics industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (January – June) is up 1.8 percent, while rate is also up 6.6 percent from the same period last year. Meanwhile, bookings made during December for arrival December – May was down -5.7 percent compared to the same period in 2015. Locally, Vail on-the-books for January is up 7.0 percent with an inccrease in rate of 5.6 percent compared to this time last year. For the most part, economics 101 seems to be in play for the other five months on-the-books, with occupancy gaining in four of the five months while rates are up in four of the five months. Occupancy gains are led by April (35.7 percent) and February (13.2 percent). Occupancy for six months on-the-books (January - June) in aggregate has decreased -3.4 percent while rate has increased 1.5 percent. Bookings taken in December for arrival December through May was up 2.5 percent.