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Vail_Executive_Summary_+_Industry_Wide_2014-08-31
Destination: Vail Period: Bookings as of Aug 31, 2014 Data based on a sample of up to 24 properties in the Vail destination, representing up to 2,405 Units ('DestiMetrics Census'*) and 60.8% of 3,954 total units in the Vail destination ('Destination Census'**) a. Last Month Performance: Current YTD vs. Previous YTD 2014/15 2013/14 Vail Year over Year % Diff DestiMetrics Industry Wide Year over Year % 57.8% 53.3% 8.4% 7.4% $214 $197 8.9% 4.9% b. Next Month Performance: Current YTD vs. Previous YTD 32.4% 32.8% -1.1% -1.1% $172 $160 7.8% 3.8% c. Future Months' On The Books Performance, October to February: Current YTD vs. Previous YTD 13.4% 12.9% 3.8% 6.4% $143 $135 6.3% -2.8% 10.4% 11.3% -7.6% 8.2% $156 $142 10.3% 12.5% 23.1% 22.5% 2.7% 6.3% $596 $506 17.8% 12.1% 34.0% 30.5% 11.5% 2.9% $469 $446 5.2% 8.0% 38.0% 36.1% 28.7% 18.3% $309 $282 3.3% 8.5% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Aug. 31, 2014 vs. Previous Year 6.9% 6.2% 11.4% 5.1% 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 © 2014 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (August, 2014) compareed to Rooms Booked during the same period last year (August, 2013) for all arrival dates is up by (11.4%) Booking Pace (August) : On the Books Occupancy Rates for January are up (11.5%) compared to the same period last year, while Average Daily Rate for the same period is also up (5.2%). Occupancy January ADR January On the Books Occupancy Rates for February are up (28.7%) compared to the same period last year, while Average Daily Rate for the same period is also up (3.3%). Occupancy February ADR February On the Books Occupancy Rates for November are down (-7.6%) compared to the same period last year, while Average Daily Rate for the same period is up (10.3%). Occupancy November ADR November On the Books Occupancy Rates for December are up (2.7%) compared to the same period last year, while Average Daily Rate for the same period is also up (17.8%). Occupancy December ADR December Occupancy Rates for next month (September, 2014) are down (-1.1%) compared to the same period last year, while Average Daily Rate is up (7.8%). Occupancy (September) : ADR (September) : On the Books Occupancy Rates for October are up (3.8%) compared to the same period last year, while Average Daily Rate for the same period is also up (6.3%). Occupancy October ADR October 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 (August, 2014) were up (8.4%) compared to the same period last year (August, 2013) , while Average Daily Rate was also up (8.9%). Occupancy (August) : ADR (August) : MARKET OVERVIEW: With August now passed, summer 2014 is all-but over in most consumer marketplaces, including mountain travel. Economically, the situation remained stable during the month, with financial markets coming close to setting new records, while consumers again increased their confidence. On the down side, job creation slowed sharply in August, though at 142,000 jobs added was still moderately strong and is considered an anomaly. Weather was also interesting, with mountain destinations in the Far-West relieved to escape the wildfires that were impactful in many non-ski mountain towns, and much-needed monsoonal conditions in the Rockies, which failed to deter the summer customer. The result was another booming summer month. Based on an aggregate data from all DestiMetrics destinations, occupancy for August is up 7.4 percent versus the same time last year, while rate is up 4.9 percent for the month. Bookings taken in August for arrival in August was up 7.4 percent (not shown). Locally, Vail Occupancy was up 8.4 percent in August versus 2013, with an increase in rate of 8.9 percent. Vail's aggregate historic six month (March - August) occupancy (not shown) was up compared to 2013 increasing by 3.5 percent while rate also increased by 7.3 percent. Bookings taken in August for arrival in August were down -8.2 percent (not shown). LOOKING FORWARD: Shoulder season is upon us, though in many destinations special events will continue to drive gains during this season of opportunity. Economically, we expect both financial and consumer markets to gain strength, driven in large part by growing job creation, though there is ongoing concern that the jobs being created are not providing income that matches increases in the cost of living. Looking longer-term, we’ll likely see financial markets slow around the mid-term elections in November, then pick up pace again, while it’s not clear what the fallout may be from any number of strategies to deal with geopolitical threats in Eastern Europe and the Middle-East. In the meantime, the long-look towards the next 6 months is impressive. Based on the aggregate of DestiMetrics industry- wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (September – February) is up 5.4 percent, while rate is also up 9.0 percent from the same period last year. Meanwhile, bookings made during August for arrival August - January are up 5.1 percent compared to the same period in 2013. Locally, Vail on-the-books Occupancy for September is up -1.1 percent with an increase in rate of 7.8 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 up in all five months. Occupancy gains are led by January (11.5 percent) and February (28.7 percent). Occupancy for six months on-the-books (September - February) in aggregate has increased 9.0 percent while rate has also increased by 21.9 percent. Bookings taken in August for arrival August through January is up 11.4 percent.