{"id":28157,"date":"2019-07-18T22:48:15","date_gmt":"2019-07-18T22:48:15","guid":{"rendered":"https:\/\/www.vailvalleypartnership.com\/?p=28157"},"modified":"2019-07-18T22:50:30","modified_gmt":"2019-07-18T22:50:30","slug":"summer-occupancy-is-down-at-western-mountain-destinations-daily-rates-still-edging-up","status":"publish","type":"post","link":"https:\/\/www.vailvalleypartnership.com\/2019\/07\/summer-occupancy-is-down-at-western-mountain-destinations-daily-rates-still-edging-up\/","title":{"rendered":"Summer Occupancy is Down at Western Mountain Destinations; Daily Rates Still Edging Up"},"content":{"rendered":"<p><strong>Denver, Colo., July 18, 2019<\/strong>\u2014After nearly seven years of consistent year-over-year growth, aggregated lodging results among 18 mountain communities in six western states is starting to experience small but measurable declines. The DestiMetrics\u2019* monthly Market Briefing released yesterday by Inntopia, revealed that modest declines that started appearing more than a year ago are emerging as a slight, but consistent, negative trend.<\/p>\n<p>For the month of June, actual occupancy was down 4.5 percent compared to June 2018. And even though the Average Daily Rate (ADR) for the month was up 3.1 percent, the decline in occupancy led to a 1.6 percent decrease in revenues for the month.<\/p>\n<p>The full summer period from May through October showed a similar pattern. As of June 30, occupancy is down 3.4 percent compared to the same time last year with reduced year-over-year occupancy in all six summer months\u2014a notable change from last month\u2019s Briefing when four of the summer months were showing increased occupancy.\u00a0\u00a0In contrast, ADR for the summer months is up 3.4 percent and continues to help offset the declines in occupancy, though not enough to push aggregated summer revenue higher than last summer. The result is a slight 0.5 percent decrease in summer revenues this year.<\/p>\n<p>\u201cFor the first two months of the summer season, lodging performance in western communities has not been as robust as we\u2019ve seen in past years,\u201d said\u00a0Tom Foley, senior vice president of Business Operations and Analytics for Inntopia. \u201cAlthough rates are continuing to tick up, they are increasing at a slower rate than any time in the last six years, and the cooling occupancy figures are pulling revenue figures down for the summer to essentially flat year-over year.\u201d<\/p>\n<p>Bookings taken in June for the upcoming six months also provided evidence of a notable shift in mountain travel vacations. Bookings made during June for arrivals in June through November were down an aggregated 9.4 percent compared to the same time last year. While bookings for the month of November shot up 21.1 percent, the other five summer months were down with September showing the most dramatic decrease\u2014down 31 percent. This is the fourth consecutive month of weakening booking pace among participating properties.<\/p>\n<p>Economic indicators for the month of June were once again mixed. The Dow Jones Industrial Average (DJIA) rebounded 6.23 percent from May to post the highest monthly closing on record and to become the strongest June since 1938. The market was buoyed by the Federal Reserve hinting it will lower interest rates in the near future to mitigate the impact of trade instability with China.<\/p>\n<p>\u201cWhile Wall Street is celebrating the Federal Reserve\u2019s possible positive announcement, many businesses are struggling to adapt to the economic challenges and business fluctuations created by trade wars and tariffs&#8211;both threatened and real,\u201d cautioned Foley.<\/p>\n<p>In a flip flop from last month, despite the record high in the DJIA, the Consumer Confidence Index (CCI) fell a sharp 7.5 percent to close the month at 121.5 points. This marks the largest decline in confidence since July 2015 and the fifth drop in the CCI in the past eight months. The Unemployment Rate rose to 3.7 percent during June and was driven by prospective employees returning to the job market with the creation of 224,000 new jobs\u2014dramatically exceeding analysts\u2019 expectations and surging well past last month\u2019s anemic 72,000 new jobs. The unemployment figures go up when new job seekers are included in the monthly statistics.<\/p>\n<p>\u201cWestern mountain destinations are clearly experiencing a different set of circumstances this summer than for the past six to seven years when consistent increases in occupancy and rates delivered steady revenue growth,\u201d Foley explained. \u201cMetrics for the summer are softening, a pattern we first detected back in 2018. The declines are not yet dramatic but the increasing demand for summer mountain recreation and lodging has put pressure on the supply which has led to rising rates,\u201d he continued. \u201cThose rising rates are starting to lower demand, and while properties have been able to maintain and raise rates thus far, occupancy is continuing to slide and it will be interesting to see how properties strike the balance between maintaining visitors and revenues for the remaining summer months,\u201d concluded Foley.<\/p>\n<p>-30-<\/p>\n<p>*DestiMetrics, part of the Business Intelligence platform for Stowe-based Inntopia, tracks lodging performance in resort destinations. They compile forward-looking reservation data each month and provide individualized and aggregated results to subscribers at participating resorts.\u00a0Data for western resorts is derived from a sample of approximately 290 property management companies in 18 mountain destination communities, representing approximately 30,000 rooms across Colorado, Utah, California, Nevada, Wyoming, and Idaho and may not reflect the entire mountain destination travel industry.\u00a0Results may vary significantly among\/between resorts and participating properties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Denver, Colo., July 18, 2019\u2014After nearly seven years of consistent year-over-year growth, aggregated lodging results among 18 mountain communities in&#8230;<br \/><a class=\"read-more\" href=\"https:\/\/www.vailvalleypartnership.com\/2019\/07\/summer-occupancy-is-down-at-western-mountain-destinations-daily-rates-still-edging-up\/\">Read More<\/a><\/p>\n","protected":false},"author":17931,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[87,144],"tags":[1609,1050,611,1679,1617,739,1883,1884,1017,1685,1031,277,1885,1686],"class_list":["post-28157","post","type-post","status-publish","format-standard","hentry","category-community-press-releases","category-tourism-industry-indicators","tag-activity","tag-co","tag-colorado","tag-data","tag-destimetrics","tag-hotels","tag-inntopia","tag-lodges","tag-lodging-occupancy","tag-occupancy","tag-summer","tag-tourism","tag-tourist","tag-vacation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Summer Occupancy is Down at Western Mountain Destinations; 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