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HomeMy WebLinkAboutVail_Executive_Summary_+_Industry_Wide_2013-05-31Destination: Vail Period: Bookings as of May 31, 2013 . Data based on a sample of up to 24 properties in the Vail destination, representing up to 2,161 Units ('MTRiP Census'*) and 54.7% 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 DestiMetri cs Industry Wide Year over Year 21.2%16.1%31.4%12.6% $125$122 2.3%1.7% b. Next Month Performance: Current YTD vs. Previous YTD 39.3%37.8%3.8%3.9% $161$158 1.8%4.7% c. Future Months' On The Books Performance, July to November: Current YTD vs. Previous YTD 37.0%41.9%-11.5%5.1% $209$195 7.2%2.9% 24.7%29.0%-14.9%1.1% $208$198 5.1%5.4% 16.3%17.6%-7.5%11.7% $157$148 6.6%5.5% 7.1%5.7%24.7%4.8% $124$121 2.7%7.6% 37.9%38.5%23.1%-5.1% $354$341 1.9%-5.1% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: May. 31, 2013 vs. Previous Year 5.1%6.2%-17.9%-2.3% 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 (May, 2013) were up (31.4%) compared to the same period last year (May, 2012) , while Average Daily Rate was also up (2.3%). Occupancy (May) : ADR (May) : Occupancy Rates for next month (June, 2013) are up (3.8%) compared to the same period last year, while Average Daily Rate is also up (1.8%). Occupancy (June) : ADR (June) : On the Books Occupancy Rates for July are down (-11.5%) compared to the same period last year, while Average Daily Rate for the same period is up (7.2%). Occupancy July ADR July On the Books Occupancy Rates for August are down (-14.9%) compared to the same period last year, while Average Daily Rate for the same period is up (5.1%). Occupancy August ADR August On the Books Occupancy Rates for September are down (-7.5%) compared to the same period last year, while Average Daily Rate for the same period is up (6.6%). Occupancy September ADR September On the Books Occupancy Rates for October are up (24.7%) compared to the same period last year, while Average Daily Rate for the same period is also up (2.7%). Occupancy October ADR October On the Books Occupancy Rates for November are up (23.1%) compared to the same period last year, while Average Daily Rate for the same period is also up (1.9%). Occupancy November ADR November Produced by DestiMetrics Copyright © 2013 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (May, 2013) compareed to Rooms Booked during the same period last year (May, 2012) for all arrival dates is down by (-17.9%)Booking Pace (May) : MARKET OVERVIEW:The greater financial and consumer marketplaces continue to perform strongly coming out of the winter season. The Dow Jones Industrials –and indeed all financial markets – continue to advance to all-time highs despite some headwinds in the form of budget, debt ceiling and sequestration. Much of this is based on consumer confidence, which increased in May to a 5 year high, driven in large part by increased job creation as employers added 185,000 jobs in May. Though the unemployment rate ticked up to 7.6% during the month, it happened for all the right reasons. Following a weak April, held back by the shift in Easter holiday, mountain communities saw increases in May as these indicators found their way to our market. Based on aggregate data from all DestiMetrics destinations, occupancy for May is up 12.6 percent versus the same time last year, while rate is also up 1.7 percent for the month. Bookings taken in May for arrival in May were up a sharp 17.4 percent (not shown). Locally, Vail Occupancy was up a dramatic 31.4 percent in May versus 2012, with an increase in rate of 2.3 percent. Vail's aggregate historic six month (December - May) occupancy (not shown) was up a slight compared to 2012 increasing by 1.7 percent while rate also increased by 3.4 percent. Bookings taken in May for arrival in May were down a -16.3 percent (not shown). LOOKING FORWARD:There is an ongoing discussion among financial and market analysts regarding the sustainability of the recent boom in not only stock prices but consumerism and hiring. Concerns of a bubble and the re-emergence of ‘high risk investment opportunities for large players have set off alarms in some corners, though there’s no evidence as-yet that momentum is slowing. We remain cautious about sequestration, yet to be realized in most sectors affected by it, and August’s debt-ceiling issues remain in play. However, an early look at mountain summer travel points to an ‘all clear’ call as destinations overperform the record-setting season in 2012, at least at the outset. Based on the preliminary aggregate of DestiMetrics industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (June -November) is up 4.9 percent, while rate is also up somewhat 4.2 percent from the same period last year. Meanwhile, bookings made during May for arrival May –October are down -2.3 percent compared to the same period in 2012. Locally, Vail on-the-books Occupancy for June is up a sharp 3.8 percent with an increase in rate of 1.8 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 intwo of the five months while rates are up in all five months. Occupancy gains are led by October (24.7 percent) and November (23.1 percent). Occupancy for six months on-the-books (June -November) in aggregate has decreased a -5.7 percent while rate has increased by 3.4 percent. Bookings taken in May for arrival May through October are down a -17.9 percent, with gains in oneof the six months in scope.