gslodgingperformancejun09
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Grand Strand Lodging Performance: The Most Recent Tourism Cycle and Predicting Short-Term Changes in Occupancy Levels Clay Brittain, Jr. Center for Resort Tourism Clay Brittain, Jr. Center for Resort Tourism Average occupancy for hotels, condo-hotels, and campsites and the average reservations level for vacation rental properties along the Grand Strand appear to have similar cycles.TRANSCRIPT
Dr. Taylor DamonteClay Brittain, Jr. Center for Resort Tourism
Wall College of BusinessCoastal Carolina University
Grand Strand Lodging Performance: The Most Recent Tourism Cycle and Predicting Short-Term
Changes in Occupancy Levels
Clay Brittain, Jr. Center for Resort Tourism
Clay Brittain, Jr. Center for Resort Tourism
Average occupancy for hotels, condo-hotels, and campsites and the average reservations level for vacation rental properties along the Grand Strand appear to have similar cycles.
Clay Brittain, Jr. Center for Resort Tourism
* The sample measures reservations and listed price of rental homes based on their website listing.
The Brittain Center’s weekly sample of hotels, condo-hotels & campsites consists of approximately:
31% hotels
62% condo-hotels
8% campsites
The sample size during the most recent 52 week period averaged 10,961 units.
Clay Brittain, Jr. Center For Resort Tourism
* The sample measures reservations and listed price of rental homes based on their website listing.
The Brittain Center’sWeekly Scientific Random Sample of
Vacation Rental Homes*
Clay Brittain, Jr. Center for Resort Tourism
Grand Strand Hotel, Condo-Hotel, and Campsite Occupancy and Vacation Rental Home Reservations, Jan, 2008 – July 2009
Vacation Home Rental Performance, L.T. Damonte, August, 2006 - 2008
Weekly Average Reservations of Vacation Rental Properties
Clay Brittain, Jr. Center for Resort Tourism
Clay Brittain Jr. Center For Resort TourismWeekly Average Occupancy in Hotels, Condo-Hotels, Campsites, Jan., 2008 through July, 2009
Clay Brittain, Jr. Center for Resort Tourism
Average daily rates for the HCHC segments of the lodging industry versus the vacation rental property segments follow similar cycles though they have had different rates of change during some seasons of some years.
Clay Brittain, Jr. Center for Resort Tourism
Average Daily RatesMost Recent 52 Weeks & Prior 52 Weeks
Clay Brittain, Jr. Center for Resort Tourism
Through observing rental websites for a random sample of vacation rental properties, the Brittian Center is able to create forecasts for changes in VRP occupancy. These forecasts can be used as a leading indicator of changes in hotel, condo-hotel, and campsite occupancy up to four weeks in advance.
Clay Brittain, Jr. Center for Resort Tourism
Clay Brittain, Jr. Center for Resort Tourism
Clay Brittain, Jr. Center for Resort Tourism
Clay Brittain, Jr. Center for Resort Tourism
For example, VRP reservations for the current week have been up by more than 2 occupancy points compared to the previous year. Average occupancy for HCHCs during the weekend of July 3rd – 4th, 2009 was nearly 97%, higher than it has been since 2006. However, VRP occupancy levels begin to decline slightly during the rental week to come, which suggests that weekend occupancy for HCHCs will likewise decline slightly compared to the previous weekend
Clay Brittain, Jr. Center for Resort Tourism
Clay Brittain, Jr. Center for Resort Tourism
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Coastal Carolina University