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HomeMy WebLinkAboutVail_Production_Notes_03-31-2020Copyright (c) 2020, Sterling Valley Systems All Rights Reserved. Confidential Information not for reproduction and protected by law. Communications@Inntopia.com www.Inntopia.com Data as of: 03/31/2020 Vail Production Notes CV-19 CLOSURES NOTES: ➢ There are currently 16 properties closed due to COVID-19. These properties' closure dates range from April 1 - May 31 with some properties planning to reopen In May o Arrabelle at Vail Square o Christiania Lodge o Destination Resorts Vail o Four Seasons Resort Vail o Grand Hyatt Vail o Lodge Tower o Sitzmark Lodge o Sonnenalp Resort of Vail o The Wren o Tivoli Lodge o Vail International Condos o Vail Mountain Lodge o Vail Residences at Cascade Village o Vail Spa Condos o Vail Marriott o Ritz-Carlton Residences RAO PRODUCTION NOTES: General RAO Notes: ➢ All months, except March, April and May, are showing an increase in inventory compared to last year at this time o March: -4,010 RNA or -129 units per day o April: -47,154 RNA or -1,572 units per day o May: -27,963 RNA or -902 units per day o June: +343 RNA or +11 units per day o July: +1,255 RNA or +40 units per day o August: +407 RNA or +13 units per day o September: +605 RNA or +20 units per day ➢ On the books occupancy is down -15.8% (+6.2% last month) over last year, while historic actual occupancy is also down -11.1% (+0.1% last month) over last year ➢ On the books ADR is up +2.3% (-1.1% last month) over last year, while historic actual ADR is also up +0.6% (+2.1% last month) over last year ➢ On the books RevPAR is down -13.8% (+5.0% last month) over last year while historic actual RevPAR is also down -10.6% (+2.2% last month) over last year Copyright (c) 2020, Sterling Valley Systems All Rights Reserved. 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Communications@Inntopia.com www.Inntopia.com Winter Season: ➢ March lost -22.7% as an absolute measure of occupancy in March o Bookings made in March for March are down -32.3% in absolute variance vs those made last year in March for March ➢ April lost -13.8% as an absolute measure of occupancy in March o Bookings made in March for April are down -22.3% in absolute variance vs those made last year in March for April ➢ As a measure of RevPAR, winter season is now down -4.2% (+3.6% last month) compared to last year at this time ➢ As a measure of ADR, winter season is now up +5.1% (+1.1% last month) compared to last year at this time ➢ As a measure of Occupancy, winter season is now down -8.8% (+2.5% last month) compared to last year at this time ➢ December and February are showing occupancy gains over last winter season ➢ December, January, and March are showing ADR gains over last winter season ➢ Seasonal Inventory o For the entire winter season there are 417,197 room nights available, a -10.1% (+0.7% last report) decrease over last winter season (464,233) ➢ Seasonal Bookings o For the entire winter season there are 200,367 room nights booked, a -18.0% (+3.2% last report) decrease over last winter season (244,420) Summer Season: ➢ May lost -3.3% as an absolute measure of occupancy in March o Bookings made in March for May are down -5.4% in absolute variance vs those made last year in March for May ➢ June lost -4.2% as an absolute measure of occupancy in March o Bookings made in March for June are down -6.1% in absolute variance vs those made last year in March for June ➢ July lost -0.5% as an absolute measure of occupancy in March o Bookings made in March for July are down -2.6% in absolute variance vs those made last year in March for July ➢ August gained +0.9% as an absolute measure of occupancy in March o Bookings made in March for August are down -0.9% in absolute variance vs those made last year in March for August ➢ September has just come on the books and is showing 16.8% occupancy, up +12.2% over last year (15.0%) ➢ As a measure of RevPAR summer season is down -4.3% (-4.0% last month) compared to last year at this time ➢ As a measure of ADR summer season is up +4.7% (-2.7% last month) compared to last year at this time ➢ As a measure of Occupancy summer season is down -8.7% (-1.4% last month) compared to last year at this time ➢ August and September are showing occupancy gains over last summer season ➢ June and September are showing ADR gains over last summer season ➢ Seasonal Inventory o For the entire summer season there are 356,875 room nights available, a -6.6% (+4.1% last report) decrease over last summer season (382,228) ➢ Seasonal Bookings o For the entire summer season there are 65,335 room nights booked, a -14.7% (+8.6% last report) decrease over last summer season (76,628) Copyright (c) 2020, Sterling Valley Systems All Rights Reserved. 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Communications@Inntopia.com www.Inntopia.com DOR PRODUCTION NOTES: March: ➢ The trend from last report has continued as March experienced further cancellations bringing the average daily performance down to -37.5% o There were -33,248 (-17,913 last report) less bookings than last year o Since the last report, -7,962 (-18,325 last report) bookings were cancelled for the month o The 2nd was the only outperformance of the month o The largest reduction in bookings since the last report occurred on the 27th, with -567 bookings cancelled o Inventory is lower than last year for the entire month April ➢ As stay at home orders have been extended, April is continuing to see a mass cancellation of bookings with average daily performance dropping to -19% o Of the 16 properties reporting closures, all are closed in April o There are -16,702 (-3,485 last report) less bookings than last year at this time o Since the last report, -9,412 (-7,857 last report) bookings have been cancelled for the month o The largest reduction in bookings, since the last report, occurred on the 4th, with -961 bookings cancelled o Inventory is lower than last year for the entire month May ➢ Last report there was an increase in bookings occurring on the last day of the month, which has now changed as the entire month’s average daily performance is now at -6.2% o There are -5,999 (-3,412 last report) less bookings than last year at this time o Since the last report, -1,779 (-2,818 last report) bookings have been cancelled for the month o Memorial Day Weekend is on average down -0.8% (-2.3% last report) with -311 (-170 last report) less bookings over last year at this time o The largest reduction in bookings, since the last report, occurred on the 20th, with -237 bookings cancelled o Inventory is lower than last year for the entire month June ➢ While June appeared to hold some promise of a return to normalcy as of the last report, this trend has changed dramatically with high cancellations occurring on 29/30 days since the last report o There are -8,028 (+2,661 last report) less bookings than last year at this time o June’s average daily performance is -11.4% o Since the last report, -8,543 bookings have been cancelled for the month o The largest reduction in bookings, since the last report, occurred on the 19th, with -666 bookings cancelled o Inventory is slightly higher than last year for the entire month Copyright (c) 2020, Sterling Valley Systems All Rights Reserved. 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Communications@Inntopia.com www.Inntopia.com July ➢ July has a mix of performance and is the first month showing a return to normalcy as bookings are outperforming last year from the 24th-on o There are +3,684 (+5,460 last report) more bookings than last year at this time o Since the last report, there have been -5,843 (+6,108 last report) bookings for the month o July’s average daily performance is -6.1% o The 4th of July is currently down -9.4% (+8.4% last report) with -205 (+252 last report) less bookings over last year at this time o The largest outperformance is on the 31st up +27.2% (+30.1% last report) over last year at this time o The largest reduction in bookings, since the last report, occurred on the 17th, with -463 bookings cancelled o Inventory is slightly higher than last year for the entire month August ➢ While August has also lost a large amount of bookings since the last report 23/31 days are still outperforming last year o There are +6,567 (+10,335 last report) more bookings than last year at this time o August’s average daily performance is +7.1% o The largest outperformance is on the 2nd, up +32.5% (+34.9% last report) over last year with the 3rd following closely behind, up +32.4% (+34.1% last report) over last year at this time o The largest underperformance was on the 11th, down -3.9% (-3.5% last report) over last year but has shifted back to the 29th and 30th, both down -4.9% over last year at this time o Inventory is higher than last year for the entire month September ➢ September is showing relatively strong performance compared to the other months with only 5 days underperforming last year o There are +3,718 (+6,725 last report) more bookings than last year at this time o The largest outperformance was on the 22nd, up +13.3% (+ 24.1% last report) over last year, but has now shifted to the 14th up +22.3% over last year at this time o The largest underperformance is on the 7th, down -18.3% (-12.4% last report) over last year at this time o Inventory is higher than last year for the entire month