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HomeMy WebLinkAboutVail_Executive_Summary_+_Industry_Wide_2013-07-31Destination: Vail Period: Bookings as of Jul 31, 2013 . Data based on a sample of up to 24 properties in the Vail destination, representing up to 2,479 Units ('MTRiP Census'*) and 62.7% of 3,954 total units in the Vail destination ('Destination Census'**) a. Last Month Performance: Current YTD vs. Previous YTD 2013/142012/13 Vail Year over Year % Diff DestiMetrics Industry Wide Year over Year % 57.4%62.3%-7.8%5.0% $200$192 4.1%4.6% b. Next Month Performance: Current YTD vs. Previous YTD 42.5%44.8%-5.2%4.7% $202$197 2.4%5.3% c. Future Months' On The Books Performance, September to January: Current YTD vs. Previous YTD 22.8%23.8%-4.3%12.0% $161$151 6.7%6.9% 9.4%7.7%21.7%2.3% $127$122 4.2%8.6% 8.0%6.7%19.3%2.4% $133$122 9.5%-0.7% 16.5%14.0%17.4%27.3% $505$497 1.8%-1.9% 36.1%35.0%19.1%18.3% $304$294 1.1%1.3% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Jul. 31, 2013 vs. Previous Year 5.7%5.1%11.8%13.5% 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 © 2013 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (July, 2013) compareed to Rooms Booked during the same period last year (July, 2012) for all arrival dates is up by (11.8%)Booking Pace (July) : On the Books Occupancy Rates for December are up (17.4%) compared to the same period last year, while Average Daily Rate for the same period is also up (1.8%). Occupancy December ADR December On the Books Occupancy Rates for January are up (19.1%) compared to the same period last year, while Average Daily Rate for the same period is also up (1.1%). Occupancy January ADR January On the Books Occupancy Rates for October are up (21.7%) compared to the same period last year, while Average Daily Rate for the same period is also up (4.2%). Occupancy October ADR October On the Books Occupancy Rates for November are up (19.3%) compared to the same period last year, while Average Daily Rate for the same period is also up (9.5%). Occupancy November ADR November Occupancy Rates for next month (August, 2013) are down (-5.2%) compared to the same period last year, while Average Daily Rate is up (2.4%). Occupancy (August) : ADR (August) : On the Books Occupancy Rates for September are down (-4.3%) compared to the same period last year, while Average Daily Rate for the same period is up (6.7%). Occupancy September ADR September 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 (July, 2013) were down (-7.8%) compared to the same period last year (July, 2012) , while Average Daily Rate was up (4.1%). Occupancy (July) : ADR (July) : MARKET OVERVIEW:In a reversal of market conditions experienced last month, financial markets re-gained positive momentum during July, recoveringfrom investor jitters around potential interest rate increases, while employers, who hold the key to sustaining consumer confidence, stepped back from expectations and fell short of projected job creation during the month. The result was a less-confident consumer, though the decline was modest by recent standards and limited to short-term expectations. This environment did little to slow the marketplace in the mountain destination travel industry and, based on aggregate data from all DestiMetrics destinations, occupancy for July is up 5.0 percent versus the same time last year, while rate is also up 4.6 percent for the month. Bookings taken in July for arrival in July were up 8.0 percent (not shown). Locally, Vail Occupancy was down -7.8 percent in July versus 2012, with an increase in rate of 4.1 percent. Vail's aggregate historic six month (February -July) occupancy (not shown) was up a moderate compared to 2012increasing by 4.0 percent while rate also increased by 2.6 percent. Bookings taken in July for arrival in July were down -5.9 percent (not shown). LOOKING FORWARD:Clearly investors are interested in growing the Wall Street nest egg built over the past six months, and early August financial markets have rebounded to new record levels, though whether or not employers and consumers will follow suit remains to be seen. We caution that both federal budget and debt ceiling issues are on the horizon in early September and it’s unclear as-yet whether or not they will again be treated as political footballs or real resolution will be achieved, and as suchwe expect some tension in the overall marketplace. However, once more the impact on destination travel appears insulated –at least at this point –from the anticipated event. Based on the aggregate of DestiMetrics industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (August -January) is up 11.2 percent, while rate is also up somewhat 5.9 percent from the same period last year. Meanwhile, bookings made during July for arrival July –December are up 13.5 percent compared to the same period in 2012/13. Locally, Vail on-the-books Occupancy for August is down -5.2 percent with an increase in rate of 2.4 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 four of the five months while rates are up in all five months. Occupancy gains are led by October (21.7 percent) and November (19.3 percent). Occupancy for sixmonths on-the-books (August -January) in aggregate has increased 5.3 percent while rate has also increased by 6.0 percent. Bookings taken in July for arrival July through December are up 11.8 percent, with gains in four of the six months in scope.