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HomeMy WebLinkAboutVail_Executive_Summary_+_Industry_Wide_2014-04-30Destination: Vail Period: Bookings as of Apr 30, 2014 Data based on a sample of up to 24 properties in the Vail destination, representing up to 2,390 Units ('DestiMetrics Census'*) and 60.4% 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 % 37.1%34.2%8.4%16.1% $233$205 13.3%6.3% b. Next Month Performance: Current YTD vs. Previous YTD 15.1%15.8%-4.4%12.8% $138$125 10.8%6.0% c. Future Months' On The Books Performance, June to October: Current YTD vs. Previous YTD 31.3%28.7%9.2%15.9% $173$161 7.6%3.2% 33.2%28.0%18.4%5.6% $215$205 5.0%8.0% 23.4%18.6%25.9%7.6% $203$203 0.2%4.9% 13.7%13.8%-0.5%-0.6% $164$152 8.0%0.9% 39.1%36.6%6.4%4.0% $374$353 7.0%-5.8% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Apr. 30, 2014 vs. Previous Year 5.3%6.0%-11.0%11.0% 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 © 2014 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (April, 2014) compareed to Rooms Booked during the same period last year (April, 2013) for all arrival dates is down by (-11.0%)Booking Pace (April) : On the Books Occupancy Rates for September are down (-0.5%) compared to the same period last year, while Average Daily Rate for the same period is up (8.0%). Occupancy September ADR September On the Books Occupancy Rates for October are up (6.4%) compared to the same period last year, while Average Daily Rate for the same period is also up (7.0%). Occupancy October ADR October On the Books Occupancy Rates for July are up (18.4%) compared to the same period last year, while Average Daily Rate for the same period is also up (5.0%). Occupancy July ADR July On the Books Occupancy Rates for August are up (25.9%) compared to the same period last year, while Average Daily Rate for the same period is also up (0.2%). Occupancy August ADR August Occupancy Rates for next month (May, 2014) are down (-4.4%) compared to the same period last year, while Average Daily Rate is up (10.8%). Occupancy (May) : ADR (May) : On the Books Occupancy Rates for June are up (9.2%) compared to the same period last year, while Average Daily Rate for the same period is also up (7.6%). Occupancy June ADR June 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 (April, 2014) were up (8.4%) compared to the same period last year (April, 2013) , while Average Daily Rate was also up (13.3%). Occupancy (April) : ADR (April) : MARKET OVERVIEW:With the end of the 2013/14 season, we look back on a wide variety of circumstances across the ski industry. From an economic point of view, consistency appears to be making a mark, with financial markets showing resilience and moving from ballistic to sustainable growth. Employers added a very strong 288,000 jobs last month, building on the 197,000 in March, while consumers, though still edgy, continued to spend on discretionary items. Within the ski industry, dramatic drought in the far west had a significant impact on those resorts, while bitter cold in the east created its own unique set of challenges. Only the Rockies, with (relatively) consistent snow and bearable temperatures, seemed unscathed. However, overall the industry had a good month and season. Based on an aggregate data from all DestiMetrics destinations, occupancy for April is up 16.1 percent versus the same time last year, while rate is up 6.3 percent for the month. Bookings taken in April for arrival in April was up 20.4 percent (not shown). Locally, Vail Occupancy was up 8.4 percent in April versus 2013, with a sharp increase in rate of 13.3 percent. Vail's aggregate historic six month (November -April) occupancy (not shown) was up compared to 2012/13 increasing by 4.9 percent while rate also increased by 6.7 percent. Bookings taken in April for arrival in April were down -7.6 percent (not shown). LOOKING FORWARD:May signals the beginning if the summer season, and we enter it with more confidence in economic conditions than we have in manyyears. Though the situation described above covers most of our thoughts looking forward, we will add that job seekers will need to return to the workforce in mass for the last stages of recovery to properly take wing. As always, we look to weather as a wildcard and regard the drought in the far west as a significant threat to mountain communities, where wildfire is always apotential damaging factor, but this year could be devastating. Otherwise, it appears that conditions are perfect for a third consecutive record setting season. Based on the aggregate of DestiMetrics industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (May –October) is up 8.3 percent, while rate is also up 4.7 percent from the same period last year. Meanwhile, bookings made during April for arrival April -September are up 11.0 percent compared to the same period in 2013. Locally, Vail on-the-books Occupancy for May is down -4.4 percent with an increase in rate of 10.8 percent compared to 2013. Forthe 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 July (18.4 percent) and August (25.9 percent). Occupancy for six months on-the-books (May -October) in aggregate has increased 11.8 percent while ratehas also increased by 7.0 percent. Bookings taken in April for arrival April through September are down -11.0 percent.