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“Making the Most of What you Have”

“Making the Most of What you Have”. 37 th Annual Arkansas Governor’s Conference on Tourism Partners Luncheon March 7, 2011 . “Making The Most of What You Have”. R. Byron Carlock President and CEO CNL Lifestyle Company LLC. CNL Lifestyle Properties, Inc.

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“Making the Most of What you Have”

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  1. “Making the Most of What you Have”

    37th Annual Arkansas Governor’s Conference on Tourism Partners Luncheon March 7, 2011 “Making The Most of What You Have” R. Byron Carlock President and CEO CNL Lifestyle Company LLC
  2. CNL Lifestyle Properties, Inc. Launched in April 2004 as CNL Income Properties Non-traded real estate investment trust (REIT) Preeminent landlord of experiential real estate $2.7 Billion in Total Assets Portfolio of 151 ski, golf, attractions, marinas, senior living & additional properties .
  3. Our Portfolio of Lifestyle Properties 33 Operators/Managers 32+2 Geographies 10 Sectors
  4. Accessible Drive-To Locations Ideal for “staycations” 97% of properties are within a 3 hour drive to major metro areas =
  5. Property Sector Timeline Ski & Mountain Lifestyle 38 years / 6 down cycles ‘72 29 years / 4 down cycles ‘81 Golf ‘82 Attractions 28 years / 4 down cycles Marinas ‘62 48 years / 7 down cycles Additional Lifestyle Properties 31 years / 5 down cycles ‘79 34 years / 5 down cycles ‘79 ALL Economic Cycles ‘82 Savings and Loan Crisis ’70 Vietnam War ‘01 Accounting Scandals & 9/11 ‘80 High Inflation ‘08 Sub-Prime Crisis ‘61 Berlin Crisis & Bay of Pigs ‘75 Nixon Resignation & Oil Embargo ‘91 Persian Gulf War
  6. Vacation Time Around the World Average vacation days per year 42 Italy 37 France 35 Germany 34 Brazil 28 United Kingdom 26 Canada 25 Korea 25 Japan 13 United States
  7. A Realignment of Priorities Realignment of Priorities + Time = Increase of leisure and lifestyle activities Pursuit of passions
  8. Marketplace Demographics 2010 percentage of population by age group An Incoming Wave of 203 Million RETIREMENT BEGINS ECHO BOOMERS 77 MILLION GEN XERS 50 MILLION BABY BOOMERS 77 MILLION PERCENT OF U.S. POPULATION AGE
  9. Demographics & Psychographics The Demand “Drivers” BABY BOOMERS GEN XERS ECHO BOOMERS 46 64 77 97 By 2015, will hold:1 • 83% of nations net worth • 53% of disposable income • 54% of consumer spending • Average household income of $94,400 Entering peak earning and spending years2 • Head 46% of households with children2 • Account for 22% of workforce3 • More than 22% earn $100,000 or more annually2 • Account for 36% of the workforce3 • Spending $400 billion/year4 • By 2015, will spend $2.4 trillion/year4
  10. What Americans Are Thinking ”Encountering Anguish & Anxiety Across America” TIME magazine October 7, 2010 Topic A Best days are behind us Kids won’t live as well China in driver’s seat Politics Democrats: don’t know what they stand for Republicans: know exactly what they stand for Washington is broken Most Passionate on: Financial community and effect on economy Constant state of war Every 1 mention of Afghanistan there’s 25 for China Economy trumped terrorism
  11. What Americans Are Doing Recent Wharton Psychology Study Time matters more than money even when you live below the poverty line “New Normals” Staycations over vacations Cutting back on small things
  12. What Mass Affluent Americans Are Doing LA Times: Super rich are opening wallets wider at theme parks Reuters: Winnebago quarterly profit tops Wall Street view –Class A category "New Normal” CNBC: Luxury sector rebounding as wealthy replenish their wardrobes USA Today: Nation’s wealthiest 5% account for 37% of consumer spending; its OK to splurge WSJ: Safe to look rich again; new luxury is deeply appropriate
  13. Experiences Over Products Fighting Frugal Fatigue 11/19/2009 The Boston Globe Frugality Falling Out Of Fashion? 10/19/2009 The Washington Post Frugal Fatigue? Some Are Splurging A Little 05/06/2009The Associated Press In Recession, Americans Doing More, Buying Less 01/03/10 New York Times Study: Experiences Make Us Happier Than Possessions 02/10/09CNNHealth.com Experiences Bring More Joy Than Possessions Do 02/09/09US News & World Report EXPERIENTIAL PURCHASES & FRUGALFATIGUE
  14. What’s The “Perfect” Getaway? Family often encompasses three generations Parental guilt: both working in 60% of households Kids in the driver’s seat Grandparents pick up the tab Looking for kid enrichment Looking for adult relaxation
  15. Moods and Trends in Leisure & Lifestyle Start with value proposition then capture luxury dollars upon arrival with up-sell opportunities Social media is driving traffic: SMERF (Social, Military, Educational, Religious and Fraternal groups) Fear is entering consumer decisions: flying, going abroad, economic/political environment, security/body scanners Authenticity is the answer: “Consumers want a way out of their bad mood; only cure is authenticity”
  16. 10 Attributes of Authenticity of the Connected Generation’s Consumer Cravings USAToday: Women, young adults are active ‘social animals’ “Attributes of Authenticity”: Shine the spotlight: Extreme personalization, marketing has a new face Raise my pulse: Adventure is the new social currency Make loose connections: Redefine the meaning of family Give me brand candy: Everyday objects get sharp intuitive design Sift through the clutter: Editors and filters gain new prominence Keep it underground: Rejection of push ads; rise of peer-to-peer networks Build it together: Connected; exploring creativity & influencing change Bring it to life: Orchestrating everyday activities--a sense of theater Go inward: Spiritual hunger, modern media find common ground Give back: Redefining volunteerism & community contributions
  17. 5 Essential Criteria Underlying All Cravings Experience: Consumers want to get out there and test personal limits. They want to feel alive and shake up a stale routine Transparency: Connected generation knows how to get full disclosure. The push model of marketing will no longer work Reinvention: X and Y generations demand what’s new, better, faster and more efficient. If it doesn’t work they will find what does Connection: The new market runs on cooperation. The hottest sites on the Internet like Facebook, eBay and Craigslist connect people Expression: People are searching for new ways to define and express themselves
  18. Retail Market Examples Whole Foods Focus on specialty food with a story and locally grown produce; defied the recession with authenticity TOMS shoes Socially conscientious retailer Toms of Maine All natural and branding around their state Las Vegas From family focus in 90s, back to adult focus
  19. CNL Lifestyle Properties Case Study The Omni Mount Washington Resort Historic, Iconic, Irreplaceable Luxury hotel Fine dining/Affordable dining Golf/Fishing/Hiking/Camping Skiing/Zip-Lining
  20. Regional/State Authentic: Food/Wellness/Hospitality The Southern BBQ Trail California Mud Baths Haycation Hot Springs Bath House Row
  21. Regional/State Authentic:Music/Arts & Crafts/Literature Chicago Blues Festival King Biscuit Blues Festival Spoleto Festival The Literary Trail of Greater Boston Midnight in Garden of Good and Evil Grisham Trail Dollywood Silver Dollar City
  22. Regional/State Authentic: History/Geography The Appalachian Trail Maine Huts & Trails
  23. Regional/State Authentic: Sports/Adventure Robert Trent Jones Alabama Golf Trail Sugarloaf Sugar Shack Texas River Tubing
  24. Q&A
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