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HomeMy WebLinkAboutVail_Executive_Summary_+_Industry_Wide_2017-07-31Destination: Vail Period: Bookings as of July 31, 2017 Data based on a sample of up to 25 properties in the Vail destination, representing up to 2,096 Units ('DestiMetrics Census'*) and 53.0% of 3,954 total units in the Vail destination ('Destination Census'**) a. Last Month Performance: Current YTD vs. Previous YTD 2017/18 2016/17 Vail Year over Year % Diff DestiMetrics Industry Wide Year over Year % Diff 70.9%68.6%3.4%-1.7% $281 $263 6.9%8.0% b. Next Month Performance: Current YTD vs. Previous YTD 49.1%50.3%-2.2%0.4% $277 $268 3.4%9.9% c. Future Months' On The Books Performance, September to January: Current YTD vs. Previous YTD 31.6%31.3%1.0%1.4% $215 $205 4.5%7.3% 13.9%11.1%25.5%16.3% $169 $164 3.4%2.5% 5.3%8.2%-35.1%1.0% $231 $202 14.5%4.8% 16.5%17.3%-4.5%-2.5% $636 $728 -12.6%1.7% 24.0%22.6%6.2%4.9% $538 $520 3.5%10.4% d. Incremental Pacing - % Change in Rooms Booked last Calendar Month: Jul. 31, 2017 vs. Previous Year 5.1%5.9%-13.7%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 Inntopia - DestiMetrics 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 (July, 2017) were up (3.4%) compared to the same period last year (July, 2016) , while Average Daily Rate was also up (6.9%). Occupancy (July) : ADR (July) : Occupancy Rates for next month (August, 2017) are down (-2.2%) compared to the same period last year, while Average Daily Rate is up (3.4%). Occupancy (August) : ADR (August) : On the Books Occupancy Rates for September are up (1.0%) compared to the same period last year, while Average Daily Rate for the same period is also up (4.5%). Occupancy September ADR September On the Books Occupancy Rates for October are up (25.5%) compared to the same period last year, while Average Daily Rate for the same period is also up (3.4%). Occupancy October ADR October On the Books Occupancy Rates for November are down (-35.1%) compared to the same period last year, while Average Daily Rate for the same period is up (14.5%). Occupancy November ADR November On the Books Occupancy Rates for December are down (-4.5%) compared to the same period last year, while Average Daily Rate for the same period is also down (-12.6%). Occupancy December ADR December On the Books Occupancy Rates for January are up (6.2%) compared to the same period last year, while Average Daily Rate for the same period is also up (3.5%). Occupancy January ADR January Produced by DestiMetrics Copyright © 2017 - Sterling Valley Systems. All Rights Reserved and protected by law Rooms Booked during last month (July, 2017) compared to Rooms Booked during the same period last year (July, 2016) for all arrival dates is down by (-13.7%)Booking Pace (July): MARKET OVERVIEW: The economy continued to advance in July, despite potential political headwinds, with financial markets, employment , and consumer confidence all exceeding expectations. On Wall Street, the Dow Jones gained 2.5 percent, or 541 points, to close on July 31st at 21,891 points, a second-consecutive all-time high monthly close. Investors were bolstered by stronger -than-expected job growth, and a rebounding consumer confidence rate. On those fronts, employers added 209,000 jobs during the month, slightly higher than expectations and a continuation of rapid growth in June. Overall, the unemployment rate decreased from 4.4 to 4.3 percent. However, wages continue to lag, with an increase of 9 cent s per hour, failing to ease some of the concerns around earnings. Consumer confidence reflects this (mostly) positive economic news, with that index inc reasing sharply from 117.3 points in June to 121.1 points in July, its highest level since March of this year. While early returns on the industry wide data indicate the continuation of recent flat occupancy levels, the increases in room rate and revenue reflect this positive economic outlook (not shown). Locally, Vail Occupancy was up 3.4 percent in July versus 2016, while there was an increase in rate of 6.9 percent. Vail's aggregate historic six month (Februa ry -July) occupancy (not shown) was slightly up 0.8 percent compared to the same period last year accompanied with an increase in rate of 6.8 percent. Booki ngs taken in July for arrival in July were down -25.2 percent (not shown). LOOKING FORWARD:It is now the peak of the summer travel season and key market indicators are continuing their upward trends, with the Dow hit ting record levels in July and carrying that momentum into August. Employers are also exceeding expectations of -late and there are no clear threats to job creation in the immediate future, which ought to keep consumers confident. However, economic stability leads the Federal Res erve to consider increasing interest rates and wages continue to struggle to keep up with growth in the rest of the economy, potentially impacting consum er behavior. But, if any negative impact is taking place, it’s not manifesting itself in rates in mountain communities. Locally, Vail on-the-books for August is down -2.2 percent accompanied with an increase in rate of 3.4 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 three of the five months while rates are up in four of the five months. Yea r over year occupancy gains are led by October (25.5 percent) and then January (6.2 percent). Occupancy for six months on -the-books (August -January) in aggregate has decreased - 2.6 percent while rate has also decreased -1.5 percent. Bookings taken in July for arrival July -December were down -13.7 percent.