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HomeMy WebLinkAboutVail_Executive_Summary_+_Industry_Wide_2013-12-31Destination: Vail Period: Bookings as of Dec 31, 2013 Data based on a sample of up to 24 properties in the Vail destination, representing up to 2,427 Units ('DestiMetrics Census'*) and 61.4% 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 % 55.7%49.1%13.4%6.5% $556$503 10.4%6.5% b. Next Month Performance: Current YTD vs. Previous YTD 61.4%58.9%4.2%3.2% $479$456 5.2%4.5% c. Future Months' On The Books Performance, February to June: Current YTD vs. Previous YTD 58.6%54.9%6.7%1.3% $463$464 -0.3%5.6% 41.1%36.4%12.9%12.0% $475$468 1.5%5.7% 9.9%10.1%-2.2%18.5% $250$223 12.6%3.2% 3.8%3.9%-3.6%15.2% $138$117 17.9%12.2% 38.0%35.6%46.2%20.8% $331$315 4.3%0.0% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Dec. 31, 2013 vs. Previous Year 6.8%5.7%19.6%6.1% For more information: Vail Contact Information: Kelli McDonald, Economic Development Manager; (970) 479-2454kmcdonald@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 (December, 2013) compareed to Rooms Booked during the same period last year (December, 2012) for all arrival dates is up by (19.6%) Booking Pace (December) : On the Books Occupancy Rates for May are down (-3.6%) compared to the same period last year, while Average Daily Rate for the same period is up (17.9%). Occupancy May ADR May On the Books Occupancy Rates for June are up (46.2%) compared to the same period last year, while Average Daily Rate for the same period is also up (4.3%). Occupancy June ADR June On the Books Occupancy Rates for March are up (12.9%) compared to the same period last year, while Average Daily Rate for the same period is also up (1.5%). Occupancy March ADR March On the Books Occupancy Rates for April are down (-2.2%) compared to the same period last year, while Average Daily Rate for the same period is up (12.6%). Occupancy April ADR April Occupancy Rates for next month (January, 2014) are up (4.2%) compared to the same period last year, while Average Daily Rate is also up (5.2%). Occupancy (January) : ADR (January) : On the Books Occupancy Rates for February are up (6.7%) compared to the same period last year, while Average Daily Rate for the same period is down (-0.3%). Occupancy February ADR February 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 (December, 2013) were up (13.4%) compared to the same period last year (December, 2012) , while Average Daily Rate was also up (10.4%). Occupancy (December) : ADR (December) : MARKET OVERVIEW:Economic conditions were another mixed bag during the month of December, with financial markets finishing the year by settingthe twenty third all-time record of the year and consumer confidence increasing for the first time in three months. Washington lawmakers, so often the underlying problem in recovery efforts since 2012, agreed on terms for a new federal budget that addresses many of the concerns threatening the greater economy. But employers stumbled dramatically, adding just 73,000jobs during the month, well short of the 195,000 expected by analysts. Despite the low job growth, the tone remains more positive than we’ve seen in some time. Early December snow helped establish the base needed to drive industry momentum, and consumers responded accordingly, driving both occupancy and revenue upward from December 2012. Based on aggregate data from all DestiMetrics destinations, occupancy for December is up 6.5 percent versus the same time last year, while rate is also up 6.5 percent for the month. Bookings taken in December for arrival in Decemberwere up 13.5 percent (not shown). Locally, Vail Occupancy was up a considerable 13.4 percent in December versus 2012, with an increase in rate of 10.4 percent. Vail's aggregate historic six month (July -December) occupancy (not shown) was up a moderate compared to 2012 increasing by 4.9 percent while rate also increased by 8.3 percent. Bookings taken in December for arrival in December were up 31.8 percent (not shown). LOOKING FORWARD:January is ‘make or break’ month in the season, with the majority of volume and therefore revenues coming in during that time. The momentum coming out of the holiday season is strong and cold weather has combined with moisture to provide a much-desired mid-season base boost. Most of the economic news is good, but we’ll want to keep an eye on job creation during the month, which will have to recover strongly from the anemic December numbers if consumers are to keep their confidence stronger. Thoughlawmakers have agreed on a Federal Budget and, as a result, sidestepped another potential shutdown in January, the national debt ceiling remains a threat in early February (February 7th) and should be watched carefully as this even has resulted in lower confidence in each of the last two rounds. In the meantime, the industry remains on-track for a record season. Based on the aggregate of DestiMetrics industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (January –June) is up 7.1 percent, while rate is also up 4.0 percent from the same period last year. Meanwhile, bookings made during December for arrival December –May are up 6.1 percent compared to the same period in 2012/13. Locally, Vail on-the-books Occupancy for January is up 4.2 percent with an increase in rate of 5.2 percent compared to 2013. For the most part, economics 101 seems to be in play for the other five months on-the-books, with occupancy gaining in three of the five months while rates are up in four of the five months. Occupancy gains are led by February (6.7 percent), March (12.9 percent) and June (46.2 percent). Occupancy for six months on-the-books (January -June) in aggregate has increased 8.4 percent while rate has also increased by 2.4 percent. Bookings taken in December for arrival December through May are up 19.6 percent, with gains in four of the six months in scope.