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HomeMy WebLinkAboutVail_Executive_Summary_+_Industry_Wide_2015-01-31Destination: Vail Period: Bookings as of Jan 31, 2015 Data based on a sample of up to 24 properties in the Vail destination, representing up to 2,428 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 2014/15 2013/14 Vail Year over Year % Diff DestiMetrics Industry Wide Year over Year % 70.7% 67.7% 4.4% 7.2% $516 $478 8.0% 4.0% b. Next Month Performance: Current YTD vs. Previous YTD 73.1% 72.5% 0.9% 10.9% $530 $484 9.5% 6.3% c. Future Months' On The Books Performance, March to July: Current YTD vs. Previous YTD 58.1% 55.1% 5.5% 5.5% $545 $492 10.6% 3.4% 17.1% 15.8% 8.1% 19.8% $332 $240 38.2% 21.6% 7.0% 5.9% 18.3% 13.6% $132 $133 -1.2% 1.1% 20.3% 13.5% 50.7% 11.8% $173 $165 4.9% 1.9% 39.8% 38.3% -2.9% 3.0% $386 $356 6.3% 7.1% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Jan. 31, 2015 vs. Previous Year 6.6% 6.1% 9.3% 10.8% 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 (January, 2015) were up (4.4%) compared to the same period last year (January, 2014) , while Average Daily Rate was also up (8.0%). Occupancy (January) : ADR (January) : Occupancy Rates for next month (February, 2015) are up (0.9%) compared to the same period last year, while Average Daily Rate is also up (9.5%). Occupancy (February) : ADR (February) : On the Books Occupancy Rates for March are up (5.5%) compared to the same period last year, while Average Daily Rate for the same period is also up (10.6%). Occupancy March ADR March On the Books Occupancy Rates for April are up (8.1%) compared to the same period last year, while Average Daily Rate for the same period is also up (38.2%). Occupancy April ADR April On the Books Occupancy Rates for May are up (18.3%) compared to the same period last year, while Average Daily Rate for the same period is down (-1.2%). Occupancy May ADR May On the Books Occupancy Rates for June are up (50.7%) compared to the same period last year, while Average Daily Rate for the same period is also up (4.9%). Occupancy June ADR June On the Books Occupancy Rates for July are down (-2.9%) compared to the same period last year, while Average Daily Rate for the same period is up (6.3%). Occupancy July ADR July Produced by DestiMetrics Copyright © 2014 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (January, 2015) compareed to Rooms Booked during the same period last year (January, 2014) for all arrival dates is up by (9.3%) Booking Pace (January) : MARKET OVERVIEW: Carrying on from the December gains, the overall view of the economy continues to improve. While financial markets declined 3 percent in January on earnings concerns, the fundamentals are now squarely in place to support a self-perpetuating economic cycle of job creation and consumerism. Employers added 257,000 jobs during the month and consumer confidence went beyond the 100 point mark for the first time in almost eight years. Though snowfall dropped off in many western regions from December’s accumulations, consumers – including the drought-stricken far west, continue to help us gain on both occupancy and rate at the industry level. Based on an aggregate data from all DestiMetrics destinations, occupancy for January is up 7.2 percent versus the same time last year, while rate is up 4.0 percent for the month. Bookings taken in January for arrival in January was up 7.6 percent (not shown). Locally, Vail Occupancy was up 4.4 percent in January versus 2014, with an increase in rate of 8.0 percent. Vail's aggregate historic six month (August - January) occupancy (not shown) was up compared to 2013 increasing by 2.2 percent while rate also increased by 8.5 percent. Bookings taken in January for arrival in January were up 24.7 percent compared to the same period last year. (not shown). LOOKING FORWARD: With strong financial markets, robust job growth and an increasingly confident consumer, the final months of the ski season are almost entirely dependent on snowfall and the successes of the Easter Holiday weekend (early April this year) to determine whether or not the industry will set new Occupancy and Revenue all-time highs this season. However, with those three fundamentals of the economy outpacing those of our trading partners, look for ski ‘exports’ (skiers from outside the U.S.) to continue to be impacted for the balance of this season and into early 2015/16. In the meantime, we’ll bask in a strong industry showing here at the ‘official’ halfway point. Based on the aggregate of DestiMetrics industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (February – July) is up 9.4 percent, while rate is also up 5.3 percent from the same period last year. Meanwhile, bookings made during January for arrival January - June are up 10.8 percent compared to the same period in 2014. Locally, Vail on-the-books for February is up 0.9 percent with an increase in rate of 9.5 percent compared to 2014. 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 April (8.1), May (18.3 percent) and June (50.7 percent). Occupancy for six months on-the-books (February - July) in aggregate has increased 6.2 percent while rate has also increased by 8.3 percent. Bookings taken in January for arrival January through June is up 9.3 percent.