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Vail_Executive_Summary_+_Industry_Wide_2014-03-31
Destination: Vail Period: Bookings as of Mar 31, 2014 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 2013/14 2012/13 Vail Year over Year % Diff DestiMetrics Industry Wide Year over Year % 72.5%74.5%-2.7%3.2% $496 $464 7.0%6.9% b. Next Month Performance: Current YTD vs. Previous YTD 29.8%26.5%12.4%15.8% $245 $214 14.7%2.8% c. Future Months' On The Books Performance, May to September: Current YTD vs. Previous YTD 11.1%9.7%14.0%11.5% $135 $125 8.0%5.3% 24.7%21.3%16.0%15.8% $165 $162 1.7%1.4% 27.1%20.8%30.0%4.6% $216 $209 3.1%9.2% 18.7%13.5%38.9%5.3% $195 $217 -10.5%4.6% 38.3%35.2%-7.5%-1.3% $377 $361 4.9%2.4% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Mar. 31, 2014 vs. Previous Year 5.4%4.5%19.3%0.6% 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 (March, 2014) were down (-2.7%) compared to the same period last year (March, 2013) , while Average Daily Rate was up (7.0%). Occupancy (March) : ADR (March) : Occupancy Rates for next month (April, 2014) are up (12.4%) compared to the same period last year, while Average Daily Rate is also up (14.7%). Occupancy (April) : ADR (April) : On the Books Occupancy Rates for May are up (14.0%) compared to the same period last year, while Average Daily Rate for the same period is also up (8.0%). Occupancy May ADR May On the Books Occupancy Rates for June are up (16.0%) compared to the same period last year, while Average Daily Rate for the same period is also up (1.7%). Occupancy June ADR June On the Books Occupancy Rates for July are up (30.0%) compared to the same period last year, while Average Daily Rate for the same period is also up (3.1%). Occupancy July ADR July On the Books Occupancy Rates for August are up (38.9%) compared to the same period last year, while Average Daily Rate for the same period is down (-10.5%). 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 (4.9%). Occupancy September ADR September Produced by DestiMetrics Copyright © 2014 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (March, 2014) compareed to Rooms Booked during the same period last year (March, 2013) for all arrival dates is up by (19.3%)Booking Pace (March) : MARKET OVERVIEW:March 2014 saw some alignment among the wildcards of the economy and weather that we’ve not really experienced so far this year,and perhaps in several seasons. Financial markets, though only gaining modestly, showed resilience and stability amidst significant global downward pressure. At the s ame time, the consumer confidence index reached a level not seen since January, 2008, well before the collapse of Lehman Brothers in October of that year. And finally, employers added 192,000 job s,beating the the 12 month average modestly, but most importantly being consistent in recent months. The weather cooperated from coast to coast, with significant snowfall in all regions and extending ski seasons across the industry. Based on an aggregate data from all DestiMetrics destinations, occupancy for March is up 3.2 percent versus the same time last year, while rate is up 6.9 percent for the month. Bookings taken in March for arrival in March was down -5.0 percent (not shown).Locally, Vail Occupancy was down a -2.7 percent in March versus 2013, with an increase in rate of 7.0 percent. Vail's aggregate historic six month (October -March) occupancy (not shown) was up compared to 2012/13 increasing by 5.9 percent while rate also increased by 5.9 percent. Bookings taken in Mar ch for arrival in March were down -26.8 percent (not shown). LOOKING FORWARD:The season is all but completed, with over 100 percent of last year’s seasonal total nights and revenues already surpassed this year in the western region; what visitation remains will be icing on the cake in the Rockies and a badly needed additional bump in revenue in the Far West, though not consolation for a tough season in the Sierras. And with that we start to turn our attention to the summer season, running from May –October and already showing strong year-over-year gains across all regions. A sense of economic stability pervades consumerism at the present and that is combining with newly developed summer activity programs in mountain destinations to bolster the early gains. Continued stron g job creation ought to keep consumerism stable, while fuel prices, though threatened by evens in the Crimea, appear stable for the time being. Based on the aggregate of DestiMetrics industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (April –September) is up 8.6 percent, while rate is also up 4.6 percent from the same period last year. Meanwhile, bookings made during March for arrival March -August are up 0.6 percent compared to the same period in 2013.Locally, Vail on-the-books Occupancy for April is up 12.4 percent with an increase in rate of 14.7 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 four of the five months while rates are also up in four of the five months. Occupancy gains are led by July (30.0 percent) and August (38.9 percent). Occupancy for six months on-the-books (April -Setember) in aggregate has increased 18.5 percent while rate has also increased by 5.1 percent. Bookings taken in March for arrival March through August are up 19.3 percent.