Steamboat Springs Economic Summit 2010
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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

Steamboat Springs Economic Summit 2010

The Changing Tourism Environment

RRC Associates, an STR Company

May 20, 2010


Outline

Outline

  • Sales Tax Revenue

  • Hotel Occupancy/Rate

  • MTRiP

  • Travel Intentions

  • Steamboat Summer

  • Ski Resort Industry

  • Observations

Page 2


Sales and lodging tax

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


Taxable sales

Taxable Sales

  • Sales tax fell in all mtn. towns in 2009

Page 4


Lodging taxable sales

Lodging Taxable Sales

  • Lodging tax change more variable

Page 5


Share of sales tax by season

Share of Sales Tax by Season

Page 6


Outline1

Outline

  • Sales Tax Revenue

  • Hotel Occupancy/Rate

  • MTRiP

  • Travel Intentions

  • Steamboat Summer

  • Ski Resort Industry

  • Observations

Page 7


Total united states change ytd by week

Total United States% Change YTD by Week

Most recent data shows US hotel occupancy rising, ADR following

Page 8


Total united states change 12 mos ended march

Total United States% Change 12 Mos Ended March

For past 12 months, all US indicators down

Page 9


Resort properties change 12 mos ended march

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


Resort properties change march 2010 ytd

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


Occupancy adr change 12 mos ended march

Occupancy/ADR% Change 12 Mos Ended March

Resort hotels down similar to other location segments

Page 12


Occupancy adr change march 2010 ytd

Occupancy/ADR% Change March 2010 YTD

Resort hotel performance mixed compared to other segments over past 3 months

Page 13


Mtn town vs us adr

Mtn. Town vs. US ADR

Page 14


Outline2

Outline

  • Sales Tax Revenue

  • Hotel Occupancy/Rate

  • MTRiP

  • Travel Intentions

  • Steamboat Summer

  • Ski Resort Industry

  • Observations

Page 15


Mtrip data

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


Mtrip data1

MTRiP Data

  • Overall, last winter ADR was down, but looking up for this summer

Page 17


Outline3

Outline

  • Sales Tax Revenue

  • Hotel Occupancy/Rate

  • MTRiP

  • Travel Intentions

  • Steamboat Summer

  • Ski Resort Industry

  • Observations

Page 18


Steamboat springs economic summit 2010 the changing tourism environment

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


Confidence in stability of job

Confidence in Stability of Job

Page 20


Steamboat springs economic summit 2010 the changing tourism environment

Outlook on Business

Page 21


Steamboat springs economic summit 2010 the changing tourism environment

Anticipated Leisure Travel Spending

Page 22


Steamboat springs economic summit 2010 the changing tourism environment

Household Income of Travelers

Page 23


Steamboat springs economic summit 2010 the changing tourism environment

Spending on Leisure Travel in Past 12 Months

Page 24


Mountain travelers

Mountain Travelers

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

Page 25


Outline4

Outline

  • Sales Tax Revenue

  • Hotel Occupancy/Rate

  • MTRiP

  • Travel Intentions

  • Steamboat Summer

  • Ski Resort Industry

  • Observations

Page 26


Steamboat summer

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


Outline5

Outline

  • Sales Tax Revenue

  • Hotel Occupancy/Rate

  • MTRiP

  • Travel Intentions

  • Steamboat Summer

  • Ski Resort Industry

  • Observations

Page 28


Us ski season 2009 10

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


Us ski season 2009 101

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


Total visits

Total Visits

  • Total skier visits 2nd best ever, at 59.7 million

Page 31


Total visits by region

Total Visits by Region

  • All regions above their 10-year average

Page 32


Regional level map

Regional Level Map

Page 33


Skier visits by state

Skier Visits by State

  • Top 5 states account for over half of total US skier visits

Page 34


Cumulative visits by tos

Cumulative Visits by TOS

  • Caught up to prior year by mid-Feb

Page 35


Steamboat springs economic summit 2010 the changing tourism environment

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


Outline6

Outline

  • Sales Tax Revenue

  • Hotel Occupancy/Rate

  • MTRiP

  • Travel Intentions

  • Steamboat Summer

  • Ski Resort Industry

  • Observations

Page 37


Looking ahead

Looking Ahead…

  • Rebound forecast in US travel

Page 38


Us hotel forecast

US Hotel Forecast

  • Gradual recovery forecasted (esp. 2011)

Page 39


Observations

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


Observations1

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


Steamboat springs economic summit 2010 the changing tourism environment

THANK YOU!

RRC Associates

an STR Company

www.rrcassoc.com


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