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HomeMy WebLinkAbout17. Vail_Executive_Summary_+_Industry_Wide_2017-04-30Destination: Vail Period: Bookings as of April 30, 2017 Data based on a sample of up to 25 properties in the Vail destination, representing up to 2,166 Units ('DestiMetrics Census'*) and 54.8% 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 38.1%28.7%32.6%1.3% $279 $233 20.1%13.0% b. Next Month Performance: Current YTD vs. Previous YTD 18.6%18.2%2.2%1.1% $160 $149 7.8%4.0% c. Future Months' On The Books Performance, June to October: Current YTD vs. Previous YTD 36.4%39.4%-7.6%-0.3% $222 $203 9.4%8.1% 39.3%34.0%15.5%-0.9% $269 $257 5.0%8.9% 24.3%27.2%-10.8%4.9% $270 $264 2.1%13.7% 17.0%19.1%-10.7%0.6% $206 $187 10.3%7.8% 9.3%7.3%27.0%10.8% $162 $157 3.3%4.6% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Apr. 30, 2017 vs. Previous Year 4.9%4.2%16.0%-4.4% 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 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 (April, 2017) were up (32.6%) compared to the same period last year (April, 2016) , while Average Daily Rate was also up (20.1%). Occupancy (April) : ADR (April) : Occupancy Rates for next month (May, 2017) are up (2.2%) compared to the same period last year, while Average Daily Rate is also up (7.8%). Occupancy (May) : ADR (May) : On the Books Occupancy Rates for June are down (-7.6%) compared to the same period last year, while Average Daily Rate for the same period is up (9.4%). Occupancy June ADR June On the Books Occupancy Rates for July are up (15.5%) compared to the same period last year, while Average Daily Rate for the same period is also up (5.0%). Occupancy July ADR July On the Books Occupancy Rates for August are down (-10.8%) compared to the same period last year, while Average Daily Rate for the same period is up (2.1%). Occupancy August ADR August On the Books Occupancy Rates for September are down (-10.7%) compared to the same period last year, while Average Daily Rate for the same period is up (10.3%). Occupancy September ADR September On the Books Occupancy Rates for October are up (27.0%) compared to the same period last year, while Average Daily Rate for the same period is also up (3.3%). Occupancy October ADR October Produced by DestiMetrics Copyright © 2016 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (April, 2017) compareed to Rooms Booked during the same period last year (April, 2016) for all arrival dates is up by (16.0%)Booking Pace (April): MARKET OVERVIEW: April 30 marks the official end of winter and the turning of attention to summer. For the most part, it was a strong month, b ut based on varying economic and weather conditions. The Down Jones gained slightly during the month, adding 1.34 percent and finishing at 20,94 1 points. Though in near-record territory, the Dow seems to have hit a recent plateau. Meanwhile, employers added 211,000 jobs and slightly increased earnings, while consu mers expressed concerns about the short-and long-term prospects for earnings and confidence declined but remained strong at 120.3 points. Erratic snowfall in meant conditi ons ranged from epic to spring-like across the industry in April, and the shift of Easter to April had some positive effect on the month, resulting in overall strength. Ba sed on aggregate data from all West DestiMetrics destinations, occupancy for April was up 1.3 percent versus the same time last year, while rate was up 13.0 percent for the m onth. Bookings taken in April for arrival in April were down -5.1 percent (not shown). Locally, Vail Occupancy was up 32.6 percent in April versus 2016, accompanied by an increase in rate of 20.1 percent. Vail's aggregate historic six month (November -April) occupancy (not shown) was up 2.2 percent compared to the same period last year while rate increased by 10.5 percent. Bookings taken in April for arrival in April were up 46.1 percent (not shown). LOOKING FORWARD:The Dow continues to sit relatively still around the impressive 21,000-point mark as investors watch for deregulation, interest rate changes and any potential fallout from turmoil in Washington. The strong economic indicators of late will almost certainly trigger an intere st rate hike in May that may have an impact on consumers, but consistently strong confidence in the past six months should help offset any short -term negative impact. However, interest rate hikes are in response to gaining inflation and consumers are already stuck in a position of having earnings pace behind cost of living, so room rates at desti nations may face some pressure. While we wait to see how the next thirty days unfolds, bookings for the summer ahead are continuing patterns seen during winter, with slightly occupancy gains and sharp rate increases. Based on the aggregate of West DestiMetrics industry-wide data, on-the-books occupancy for the upcoming six months (May -October) is slightly up 1.2 percent, while rate is up 8.9 percent from the same period last year. Meanwhile, bookings made during April for arrival April –September were down -4.4 percent compared to the same period last year. Locally, Vail on-the-books for May is up 2.2 percent with an increase in rate of 7.8 percent compared to this time last year. Fo r the most part, economics 101 seems to be in play for the other five months on-the-books, with occupancy gaining in two of the five months while rates are up in all five mon ths. Year over year occupancy gains are led October (27.7 percent) and then July (15.5 percent). Occupancy for six months on -the-books (May -October) in aggregate has slightly decreased -1.3 percent while rate has increased 6.5 percent. Bookings taken in April for arrival April -September were up 16.0 percent.