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HomeMy WebLinkAboutVail Executive Summary 2010-05-31 Destination: Vail Period: Bookings as of May 31, 2010 . Data based on a sample of 19 properties in the Vail Community, representing 2100 Units, and 57% of the total community inventory a. Last Month Performance: Current YTD vs. Previous YTD 2009/10 2008/09 Vail Year over Year % Diff MTRiP Industry Wide Year over Year % Diff 11.4% 19.3% -40.9% -20.8% $113 $116 -2.6% -1.3% b. Next Month Performance: Current YTD vs. Previous YTD 32.6% 27.1% 20.4% -5.0% $152 $153 -0.7% -0.5% c. Future Months' On The Books Performance, July to November: Current YTD vs. Previous YTD 30.5% 26.7% 14.3% 11.1% $175 $162 8.1% 4.6% 22.3% 21.1% 5.6% 7.0% $181 $175 3.2% 1.1% 15.2% 11.5% 31.3% 13.6% $135 $172 -21.4% -4.8% 8.0% 9.2% -12.1% -4.9% $113 $107 5.9% 2.0% 37.3% 35.9% -21.4% 17.6% $322 $339 -11.1% -1.4% d. Incremental Pacing -% Change in Rooms Booked last Calendar Month: May. 31, 2010 vs. Previous Year 3.2% 4.3% -25.8% -9.5% For more information: Vail Contact Information: Kelli McDonald, Economic Development Manager; (970) 479-2454; kmcdonald@vailgov.com www.vailgov.com MTRiP, LLC Contact Information: 4841 S Xenia St, Denver, CO 80237 303-722-7346 info@mtrip.org www.mtrip.org Occupancy Rates during last month (May, 2010) were down (-40.9%) compared to the same period last year (May, 2009) , while Average Daily Rate was also down (-2.6%). ADR (May) : On the Books Occupancy Rates for November are down (-21.4%) compared to the same period last year, while Average Daily Rate for the same period is also down (-11.1%). Occupancy (June) : Occupancy November Occupancy September ADR July DESTINATION LEVEL RESERVATIONS ACTIVITY SUMMARY Presented as a community service by the Vail MTRiP participants and subscribers Produced by MTRiP Copyright © 2009 -MTRiP, LLC. All Rights Reserved and protected by law On the Books Occupancy Rates for August are up (5.6%) compared to the same period last year, while Average Daily Rate for the same period is also up (3.2%). MARKET OVERVIEW: Occupancy Rates for next month (June, 2010) are up (20.4%) compared to the same period last year, while Average Daily Rate is down (-0.7%). SPECIAL EVENTS AND ACTIVITIES OF NOTE: June 3 -6 Teva Mountain Games, June 5 -6 RMUSSA Softball, June 12 South of the Border Festival, June 17 -20 King of the Mountain Volleyball, June 20 -September 19 Vail Farmers Markets (Sundays), June 21 -24 Warrior Vail Lacrosse Tourney, June 25 -27 Vail Arts Festival, June 25 -August 3 Bravo! Vail Valley Music Festival, June 26 BBQ Bonanza, June 26 -July 4 Vail Lacrosse Shootout, June 27 -September 4 Vail Jazz Fest Sundays and Thursdays, July 4 America Days, July 9 Triple Crown Baseball, July 23 -25 Vail Invitational Soccer Tourney, July 27 -August 10 Vail International Dance Festival, July 30 -August 1 3v3 Soccer, August 16 -18 Vail Antique Show, August 20 -22 Vail Soul Music Fest, August 27 -28 Firefighters Combat Challenge, September 3 -5 Gourmet on Gore, September 3 -6 Labor Day Vail Jazz Festival, September 4 -5 RMUSSA Softball, September 10 -12 and 17 -19 Oktoberfest, September 16 -17 Colorado Grand, September 20 -October 17 Vail Restaurant Month, October 2 -3 Vail Valley Cup Soccer, October 29 -30 Ski Swap On the Books Occupancy Rates for July are up (14.3%) compared to the same period last year, while Average Daily Rate for the same period is also up (8.1%). Occupancy July Executive Summary: Vail ADR September On the Books Occupancy Rates for October are down (-12.1%) compared to the same period last year, while Average Daily Rate for the same period is up (5.9%). Occupancy October ADR October Occupancy August ADR August On the Books Occupancy Rates for September are up (31.3%) compared to the same period last year, while Average Daily Rate for the same period is down (-21.4%). ADR (June) : Occupancy (May) : Rooms Booked during last month (May, 2010) compareed to Rooms Booked during the same period last year (May, 2009) for all arrival dates is down by (-25.8%) ADR November Booking Pace (May) : MARKET OVERVIEW: In what we hope is not a sign of times ahead, May (and our Summer Season) has started with uncertainty in both the greater economy and the Mountain Travel Industry. The National Unemployment Rate decreased to 9.7% in May, though the news is tempered by the fact that 90% of the 455,000 jobs created in May are temporary public sector positions and will go off payrolls over the coming months. This, combined with increasing economic instability in the Eurozone has destabilized U.S. financial markets that were showing strong trends of recovery, resulting in a 9% decrease in the Dow Jones over the course of the month and leading to discourse on the possibility of a 'double dip' recession later in the year. On the brighter side, Consumer Confidence increased sharply in May to 63.3, its highest level in over 2 years. Additionally, recent news of a decline in real estate foreclosures and an increase in existing home sales perhaps work to bring us to a 'good news /bad news' state of mind. This pattern of up/down is reflected in an obvious way in the Mtn Travel Industry, with widely varying performance across all metrics and all MTRiP destinations in May, leaving Marketers scratching their heads to discover what the common thread might be among those overperforming the industry. While we perk our ears at the good news as it arrives -and it does arrive with greater regularity than it has in recent memory -we can conclude that it appears to be consistently offset by the underpinnings of a complex and long-term financial recovery that, though gaining traction, should not be taken for granted. LOOKING AHEAD: Newly emerging challenges – perceived or actual – within the financial markets and resulting from negative unemployment and Eurozone news are providing bumps in the recovery road. That said, the continued increases in Consumer Prices and the Travel Price Index indicate that, as suspected, consumers are feeling the “recession fatigue” that is a hallmark of the recovery process. While Travel Price recovery continues to be led by business travel, some amount of price elasticity is becoming apparent in leisure markets and is now somewhat reflected in MTRiP Destinations over the summer months to come. However, this price elasticity remains well below desired levels; with many MTRiP destinations continuing to buy increases in occupancy using declines in rate and essentially showing Summer performance relatively flat at this early date. The brightest lights thus far in coming months are July and September, the holiday bookends of the Summer season, both showing strong numbers across a majority of Mtn Destinations, indicating that the consumer is willing to emerge for special occasions and perhaps bodes well as we think far ahead to Christmas 2010.