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HomeMy WebLinkAbout03. VVP Mid Year Group Sales Report, Jan-Jun 2022VVP GROUP SALES MID-YEAR 2022 UPDATE Mid-Year 2022 Group Sales Results –At a Glance CONTRACTS = 34 9,444 ROOM NIGHTS $2,990,059 ROOM REVENUE LEADS GENERATED = 219 LEADS IN PIPELINE = 111 SITE TOURS = 12 9 BOOKED ADDED TO DATABASE 102 NEW ORGANIZATIONS 98 NEW CONTACTS LEADS LOST = 155 Mid-Year YOY Comparison (Jan-Jun) 2019 2020 2021 2022 Total Lead Generation 114 95 132 219 New Lead Generation 110 89 118 205 Cvent Leads to VVP 67 47 77 142 Leads in the Pipeline 38 26 45 111 Contracted in the Year 25 10 25 34 Lost Leads 86 104 83 155 Companies Added to Group Sales Database 194 90 68 102 Planners Added to Group Sales Database 410 148 82 98 2022 GROUPS ON THE BOOKS GEOGRAPHIC & VERTICAL MARKETS GEOGRAPHICAL % OF GEOGRAPHICAL VERTICAL % OF VERTICAL Colorado 38% 26% 26% Southeast 4% Corporate 38% Midwest 11% Incentive 6% West 29% Medical 19% Northeast 17% SMERF 11% International 1% GROUPS ON THE BOOKS 2023 & BEYOND GEOGRAPHIC & VERTICAL MARKETS GEOGRAPHICAL % OF GEOGRAPHICAL VERTICAL % OF VERTICAL Colorado 41$ Association 41% Southeast 0% Corporate 12% Midwest 35% Incentive 12% West 12% Medical 29% Northeast 12% SMERF 6% International 0% LEADS IN THE PIPELINE AS OF 6/30/22 GEOGRAPHICAL & VERTICAL MARKETS GEOGRAPHICAL % OF GEOGRAPHICAL VERTICAL % OF VERTICAL Colorado 32% Association 23% Southeast 13% Corporate 40% Midwest 8% Incentive 13% West 29% Medical 9% Northeast 17% SMERF 15% International 1% CVENT LEADS - YOY COMPARISON (JAN-JUN) Total Vail Valley Leads Sourced 2021 2022 Unique RFPs 348 558 Unique Room Nights 80,841 144,548 Awarded RFPs 49 63 Awarded Room Nights 5,951 9,978 Awarded RFP Value $2,435,986 $4,424,580 Sourced Direct to VVP 2021 2022 Total RFPs 77 142 Total Room Nights 21,000 49,000 Total RFP Value $7,100,000 $17,000,000 Average Room Nights per RFP 273 345 Average Value per RFP $92,208 $119,718 Hospitality Booking Trends •Travel in general is coming back faster than expected – Demand is strong and “Big is Back!” •Groups are no longer interested in hybrid approach – want in person meetings •Hotel rates, gas, airfare & car rental pricing continues to escalate, which is impacting group business – reducing duration of meetings, many keeping closer to headquarters •Compression from rebooked group programs is strongly impacting availability & driving higher rates for our lodging partners •Planners are being more flexible with dates/pattern •Booking window still very short term - hesitancy to sign contracts too far out •Labor shortages still impacting hospitality industry •Employees have gotten used to working remote/from home •Hours and pay aren’t attractive enough to return to frontline positions •Diversity and inclusion are an industry imperative when considering the industry’s growth Colorado M&I Rebate Program Stats Approved by County Approved by Event Type Denver: 48 Eagle: 14 Larimer: 7 Adams: 9 Jefferson County: 8 El Paso: 6 Rout & Summit: 4 each Broomfield & Pitkin: 3 each Boulder, Mesa & Douglas: 2 each Alamosa, Chaffee, Arapahoe, & La Plata: 1 each Montrose, Park, & San Miguel: 1 each Business Meeting: 25 Concert Series: 2 Conference: 51 Exhibition/Trade Show: 2 Festival: 3 Other: 5 Sporting Event: 7 Wedding: 24 Meeting & Events Incentive Program Stats as of June 30, 2022: ($6,169,770 is still available) As of June 30, 2022, the program has received two hundred-forty (240) submitted applications. One hundred-nineteen (119) applications have been approved for a total of $2,444,744.99 in cash rebates. Thirty-eight (38) applications are under review.