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Steamboat Springs Economic Summit 2010 The Changing Tourism Environment

Steamboat Springs Economic Summit 2010 The Changing Tourism Environment. RRC Associates, an STR Company May 20, 2010. Outline. Sales Tax Revenue Hotel Occupancy/Rate MTRiP Travel Intentions Steamboat Summer Ski Resort Industry Observations. Sales and Lodging Tax.

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Steamboat Springs Economic Summit 2010 The Changing Tourism Environment

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  1. Steamboat Springs Economic Summit 2010 The Changing Tourism Environment RRC Associates, an STR Company May 20, 2010

  2. Outline • Sales Tax Revenue • Hotel Occupancy/Rate • MTRiP • Travel Intentions • Steamboat Summer • Ski Resort Industry • Observations Page 2

  3. Sales and Lodging Tax • Mountain town sales tax down 12.3% in 2009 • Steamboat Springs taxable sales down 16.7% in 2009 • Mountain town lodging tax down 19.1% in 2009 • Steamboat Springs lodging tax down 23.4% in 2009 Page 3

  4. Taxable Sales • Sales tax fell in all mtn. towns in 2009 Page 4

  5. Lodging Taxable Sales • Lodging tax change more variable Page 5

  6. Share of Sales Tax by Season Page 6

  7. Outline • Sales Tax Revenue • Hotel Occupancy/Rate • MTRiP • Travel Intentions • Steamboat Summer • Ski Resort Industry • Observations Page 7

  8. Total United States% Change YTD by Week Most recent data shows US hotel occupancy rising, ADR following Page 8

  9. Total United States% Change 12 Mos Ended March For past 12 months, all US indicators down Page 9

  10. Resort Properties% Change 12 Mos Ended March 2009 generally worse for resort hotels, but over past 12 months, indicators were less down for resort hotels than for total US Page 10

  11. Resort Properties% Change March 2010 YTD Demand and occupancy were up in first three months of 2010 for resort hotels. Rates and RevPAR still negative, but improving. Page 11

  12. Occupancy/ADR% Change 12 Mos Ended March Resort hotels down similar to other location segments Page 12

  13. Occupancy/ADR% Change March 2010 YTD Resort hotel performance mixed compared to other segments over past 3 months Page 13

  14. Mtn. Town vs. US ADR Page 14

  15. Outline • Sales Tax Revenue • Hotel Occupancy/Rate • MTRiP • Travel Intentions • Steamboat Summer • Ski Resort Industry • Observations Page 15

  16. MTRiP Data • MTRiP collects reservation data from hotels and property managers from 13 western mountain destinations • Booking windows continue to shorten, as consumers wait to plan their trips until the last minute • Lodging properties need to be increasingly nimble and creative Page 16

  17. MTRiP Data • Overall, last winter ADR was down, but looking up for this summer Page 17

  18. Outline • Sales Tax Revenue • Hotel Occupancy/Rate • MTRiP • Travel Intentions • Steamboat Summer • Ski Resort Industry • Observations Page 18

  19. Travel Intentions Survey • Quarterly survey of business and leisure travelers • Nationally representative sample of 3,806 respondents • Explores current sentiment, past travel behavior, and future travel intent Page 19

  20. Confidence in Stability of Job Page 20

  21. Outlook on Business Page 21

  22. Anticipated Leisure Travel Spending Page 22

  23. Household Income of Travelers Page 23

  24. Spending on Leisure Travel in Past 12 Months Page 24

  25. Mountain Travelers • Mountain travelers take more trips, esp. special event, ocean/beach, touring, golf Page 25

  26. Outline • Sales Tax Revenue • Hotel Occupancy/Rate • MTRiP • Travel Intentions • Steamboat Summer • Ski Resort Industry • Observations Page 26

  27. Steamboat Summer • Summer visitors have positive impression of amenities/things to do, the town in general, and friendly people • Weaknesses include air transportation, shopping/retail mix, prices, and nightlife • Stay an average of 5.3 nights • 58% have made previous summer visit • 42% have made previous winter visit • Mainly families and empty nesters Page 27

  28. Outline • Sales Tax Revenue • Hotel Occupancy/Rate • MTRiP • Travel Intentions • Steamboat Summer • Ski Resort Industry • Observations Page 28

  29. US Ski Season 2009/10 • Total skier visits of 59.7 million, up 4.2% from 2008/09 • All regions were up except Northeast; all regions above 10-year average • Snowfall down and/or variable • Days open declined by 2 days nationally • Visitation generally down in the early season, up after New Year’s and up strongly starting President’s Weekend Page 29

  30. US Ski Season 2009/10 • Overnight visitation, international visitation, percent paid tickets, and ticket yield all up slightly • Lesson volumes increased • Snowboarding inched up, to 32.5% • Capital expenditures projected to rise • Demographics continue to be challenging • Overall a positive season by many measures Page 30

  31. Total Visits • Total skier visits 2nd best ever, at 59.7 million Page 31

  32. Total Visits by Region • All regions above their 10-year average Page 32

  33. Regional Level Map Page 33

  34. Skier Visits by State • Top 5 states account for over half of total US skier visits Page 34

  35. Cumulative Visits by TOS • Caught up to prior year by mid-Feb Page 35

  36. Total ACTIVE Domestic Skiers/Snowboarders:1997/1998 to 2008/2009 • Only about a 1% annual rate of growth in participants since 1996/97 Page 36

  37. Outline • Sales Tax Revenue • Hotel Occupancy/Rate • MTRiP • Travel Intentions • Steamboat Summer • Ski Resort Industry • Observations Page 37

  38. Looking Ahead… • Rebound forecast in US travel Page 38

  39. US Hotel Forecast • Gradual recovery forecasted (esp. 2011) Page 39

  40. Observations • Taxable sales and lodging tax were down in nearly all mountain communities in 2009 • Steamboat’s sales tax base is less seasonal than other mountain communities • Hotel occupancies and rates are generally improving, with mountain communities showing limited strength • Mountain ADRs are predicted to rise over next 6 months Page 40

  41. Observations • Skier/snowboarder visits were up despite a decline in days of operation and snowfall • Short booking lead time demands creativity, constant monitoring, and pro-active tactics to address anticipated low points • Mountain travelers are active and engaged • Macro-economic indicators are positive Page 41

  42. THANK YOU! RRC Associates an STR Company www.rrcassoc.com

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