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HomeMy WebLinkAboutVail_Executive_Summary_+_Industry_Wide_2013-02-28Destination: Vail Period: Bookings as of Feb 28, 2013 . Data based on a sample of up to 25 properties in the Vail destination, representing up to 2,451 Units ('MTRiP Census'*) and 62.0% of 3,954 total units in the Vail destination ('Destination Census'**) a. Last Month Performance: Current YTD vs. Previous YTD 2012/132011/12 Vail Year over Year % Diff MTRiP Industry Wide Year over Year 76.2%71.1%7.2%14.2% $463$439 5.6%2.6% b. Next Month Performance: Current YTD vs. Previous YTD 68.3%66.0%3.6%9.9% $456$437 4.4%1.9% c. Future Months' On The Books Performance, April to August: Current YTD vs. Previous YTD 19.0%20.5%-7.0%-12.0% $224$305 -26.3%-17.6% 8.1%4.3%86.2%11.9% $120$125 -3.5%0.4% 17.9%15.8%13.4%10.6% $154$165 -6.9%8.7% 18.7%20.0%-6.8%19.9% $204$190 7.4%0.9% 35.8%35.6%-20.2%4.3% $350$341 13.1%8.6% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Feb. 28, 2013 vs. Previous Year 5.4%4.6%17.0%20.4% 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 MTRiP, LLC Contact Information: 678 S. Franklin St., Denver, CO 80209 303-722-7346 info@mtrip.org www.mtrip.org Produced by MTRiP Copyright © 2009 - MTRiP, LLC. All Rights Reserved and protected by law Rooms Booked during last month (February, 2013) compareed to Rooms Booked during the same period last year (February, 2012) for all arrival dates is up by (17.0%) Booking Pace (February) : On the Books Occupancy Rates for July are down (-6.8%) compared to the same period last year, while Average Daily Rate for the same period is up (7.4%). Occupancy July ADR July On the Books Occupancy Rates for August are down (-20.2%) compared to the same period last year, while Average Daily Rate for the same period is up (13.1%). Occupancy August ADR August On the Books Occupancy Rates for May are up (86.2%) compared to the same period last year, while Average Daily Rate for the same period is down (-3.5%). Occupancy May ADR May On the Books Occupancy Rates for June are up (13.4%) compared to the same period last year, while Average Daily Rate for the same period is down (-6.9%). Occupancy June ADR June Occupancy Rates for next month (March, 2013) are up (3.6%) compared to the same period last year, while Average Daily Rate is also up (4.4%). Occupancy (March) : ADR (March) : On the Books Occupancy Rates for April are down (-7.0%) compared to the same period last year, while Average Daily Rate for the same period is also down (-26.3%). Occupancy April ADR April DESTINATION LEVEL RESERVATIONS ACTIVITY SUMMARY Presented as a community service by the Vail MTRiP participants and subscribers Executive Summary: Vail Occupancy Rates during last month (February, 2013) were up (7.2%) compared to the same period last year (February, 2012) , while Average Daily Rate was also up (5.6%). Occupancy (February) : ADR (February) : MARKET OVERVIEW:Despite the potential damage to the economy from the approaching sequestration, financial markets, consumers and employers all stepped up during the month of February. While the Dow Jones was setting all-time records during the month, surpassing pre-recession levels, employers added 239,000 jobsto the private sector and consumers, potentially the most volatile component, increased their level of confidence sharply during the month. These, together with relatively consistent snowfallthrough most western destinations, resulted in strong performance at MTRiP resorts. Based on preliminary aggregate data from all MTRiP destinations, occupancy for February is up a considerable 14.2 percent versus the same time last year, while rate is also up 2.6 percent for the month. Bookings taken in February for arrival in February were up a sharp 11.3 percent (not shown). Locally, Vail Occupancy was up a considerable 7.2 percent in February versus 2012, with a considerable increase in rate of 5.6 percent. Vail's aggregate historic six month (September -February) occupancy (not shown) was up a slight compared to 2012 increasing by 0.8 percent while rate also increased by 3.8 percent. Bookings taken in February for arrival in February were up a dramatic 4.7 percent (not shown). LOOKING FORWARD:Though records were set on financial markets during the month of February and both employers and consumers displayed strong confidence in the economy, sequestration has yet to be realized as cuts are implemented slowly over the course of the upcoming months. Whether or not these actions will impact markets is uncertain, though it is hard to imagine them remaining untouched as we move ahead. As winter closes out in March and April, summer will be coming into focus and hopes of building on last year’s record performance is high. Based on the preliminary aggregate of MTRiP industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (March -August) is up 8.5 percent, while rate is also up somewhat 1.3 percent from the same period last year. Meanwhile, bookings made during February for arrival February –July are up a sharp 20.4 percent compared to the same period in 2012. Locally, Vail on-the-books Occupancy for March is up 3.6 percent with a somewhat increase in rate of 4.4 percent compared to 2012. For 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 down in two of five. Occupancy gains are led by May (86.2 percent) and June (13.4 percent). Occupancy for six months on-the-books (March-August) in aggregate has increased 1.5 percent while rate has remained the same. Bookings taken in February for arrival February through July are up a considerable 17.0 percent, with gains in five of the six months in scope.