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HomeMy WebLinkAboutVail_Executive_Summary_+_Industry_Wide_2016-06-30Destination: Vail Period: Bookings as of June 30, 2016 Data based on a sample of up to 25 properties in the Vail destination, representing up to 2,504 Units ('DestiMetrics Census'*) and 63.3% of 3,954 total units in the Vail destination ('Destination Census'**) a. Last Month Performance: Current YTD vs. Previous YTD 2015/16 2014/15 Vail Year over Year % Diff DestiMetrics Industry Wide Year over Year % Diff 53.7% 49.0%9.6% 6.6% $206 $185 11.0% 7.4% b. Next Month Performance: Current YTD vs. Previous YTD 57.4% 53.2%7.9% 8.0% $264 $237 11.1% 5.3% c. Future Months' On The Books Performance, August to December: Current YTD vs. Previous YTD 39.2% 35.7%9.9% 7.5% $270 $232 16.4% 6.4% 26.1% 22.0%18.5% 19.4% $198 $181 9.0% 6.3% 10.1% 5.4%85.5% 5.3% $160 $165 -3.0%3.5% 4.4% 3.3%31.9% 22.4% $222 $229 -2.8% -3.6% 41.5% 38.7%4.6% 12.2% $408 $386 7.3% 8.5% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Jun. 30, 2016 vs. Previous Year 5.6% 5.3%6.1% 7.5% 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 (June, 2016) were up (9.6%) compared to the same period last year (June, 2015) , while Average Daily Rate was also up (11.0%). Occupancy (June) : ADR (June) : Occupancy Rates for next month (July, 2016) are up (7.9%) compared to the same period last year, while Average Daily Rate is also up (11.1%). Occupancy (July) : ADR (July) : On the Books Occupancy Rates for August are up (9.9%) compared to the same period last year, while Average Daily Rate for the same period is also up (16.4%). Occupancy August ADR August On the Books Occupancy Rates for September are up (18.5%) compared to the same period last year, while Average Daily Rate for the same period is also up (9.0%). Occupancy September ADR September On the Books Occupancy Rates for October are up (85.5%) compared to the same period last year, while Average Daily Rate for the same period is down (-3.0%). Occupancy October ADR October On the Books Occupancy Rates for November are up (31.9%) compared to the same period last year, while Average Daily Rate for the same period is down (-2.8%). Occupancy November ADR November On the Books Occupancy Rates for December are up (4.6%) compared to the same period last year, while Average Daily Rate for the same period is also up (7.3%). Occupancy December ADR December Produced by DestiMetrics Copyright © 2016 - DestiMetrics, LLC. All Rights Reserved and protected by law Rooms Booked during last month (June, 2016) compareed to Rooms Booked during the same period last year (June, 2015) for all arrival dates is up by (6.1%)Booking Pace (June): MARKET OVERVIEW: With the exception of late-month volatility brought on by the successful Brexit campaign in the UK, the domestic economy shifted up a gear in June, with financial, consumer and employer indicators all performing to the positive. Wall Street weathered the initial fallout from the Brexit vote to bounce back and gain a modest 0.8 percent during the month, and though modest, this is the second largest increase in the Dow since October, so is noteworthy. Consumer confidence also moved upward by 6.1 percent, the largest gain since November. But the most encouraging news is the creation of 273,000 jobs in June, a return to form for employers who have been well-below average for the past 3 months. This positive news comes despite global concerns about the eventual impact of the UK’s departure from the EU and markets should look at this as ‘padding’ for potentially challenging times to come. But clearly the mountain destination traveler isn’t concerned about Brexit, just about getting to the mountains. Based on an aggregate data from all DestiMetrics destinations, occupancy for June was up 6.6 percent versus the same time last year, while rate was also up 7.4 percent for the month. Bookings taken in June for arrival in June was up 4.6 percent (not shown). Locally, Vail Occupancy was up 9.6 percent in June versus 2015, while rate increased 11.0 percent. Vail's aggregate historic six month (January - June) occupancy (not shown) was up 3.0 percent compared to the same period last year while rate increased by 4.9 percent. Bookings taken in June for arrival in June was down slightly at -1.2 percent (not shown). LOOKING FORWARD:We’re into the heart of the summer booking season, and there is no shortage of economic drama for the weeks and months ahead. While mountain destinations are consistently able to rely on a dedicated consumer base, there may be a few unexpected realities in our future that can impact performance. Look for ongoing weakness in foreign currencies to keep exchange rates high for the foreseeable future, impacting travel from Canada, the UK and the EU in particular, but also Asia and Brazil. The impact of the Brexit vote, as yet unknown, will be long-term and may change how markets behave, perhaps causing domestic consumers to draw back slightly. Add a contentious – at best – federal election and we’ve got more than a few moving parts that may impact consumers. But as-yet any impact is not yet apparent in the booking trends of our mountain destination travelers, and once again we’re able to talk about record-setting pace for the summer season. Based on the aggregate of DestiMetrics industry-wide data, on-the-books aggregate occupancy for all destinations for the upcoming six months (July - December) is up 10.3 percent, while rate is also up 6.1 percent from the same period last year. Meanwhile, bookings made during June for arrival June - November was up 7.5 percent compared to the same period in 2015. Locally, Vail on- the-books for July is up 8.0 percent with an inccrease in rate of 5.3 percent compared to this time last year. For the most part, economics 101 seems to be in play for the other five months on-the- books, with occupancy gaining in all five months while rates are up in in three of the five months as well. Occupancy gains are led by October (85.5 percent) and November (31.9 percent). Occupancy for six months on-the-books (July - December) in aggregate has increased 12.8 percent while rate has increased 9.0 percent. Bookings taken in June for arrival June through November was up 6.1 percent.