panama city beach cvb 2017 travel market preliminary report · -0-panama city beach cvb 2017 travel...
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Panama City Beach CVB
2017 Travel Market Preliminary Report
Prepared for:• Panama City Beach Convention & Visitors Bureau
Study Conducted: December, 2016 – January, 2018Preliminary Presentation of Research & FindingsJanuary 9, 2018
Presented by:
Berkeley Young, PresidentYoung Strategies, Inc. Larry D. Gustke, PhD
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PCB is an extremely large, diverse destination
Year-end economic impact data is typically reported 9 -16 months after
year-end close of books
Fact – Tourist Development Tax Revenue
Fact – STR hotel data
Fact – VisaVue data from domestic travel expenditures in PCB
Fact – Destimetrics/Inntopia & AirDNA data for Rentals market
Survey – Young Strategies online surveys with visitors to PCB
Survey – Young Strategies intercept interviews with visitors to PCB
Trends and Data – Summary & Overview
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PANAMA CITY BEACH
Tourist Development Tax 4-Year Trend
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PCB Tourist Development 4-YR Tax Trend
$495,113
$728,369
$1,421,784 $1,625,318
$2,148,364
$3,855,439
$4,947,031
$1,900,446
$1,620,578
$1,289,221
$591,967
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
2014 2015 2016 2017
Source: Bay County Tax Collection
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PANAMA CITY BEACH
HOTEL/MOTEL STR DATA
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PCB HOTEL Properties Reporting to STR Beachbreak By The Sea Upper Midscale Class 97
Beachcomber By The Sea Upscale Class 96
Comfort Suites Panama City Beach Upper Midscale Class 74
Country Inn & Suites Panama City Beach Upper Midscale Class 82
Days Inn Panama City Beach Ocean Front Economy Class 188
Fairfield Inn & Suites Panama City Beach Upper Midscale Class 109
Hampton Inn & Suites Panama City Beach Beachfront Upper Midscale Class 182
Hampton Inn & Suites Panama City Beach Pier Park Area Upper Midscale Class 95
Hampton Inn Panama City Beach Upper Midscale Class 89
Hawthorn Suites by Wyndham Panama City Beach Midscale Class 78
Holiday Inn Express & Suites Panama City Beach Beachfront Upper Midscale Class 147
Holiday Inn Resort Panama City Beach Upper Midscale Class 340
La Quinta Inns & Suites Panama City Beach Midscale Class 86
La Quinta Inns & Suites Panama City Beach Pier Park Area Midscale Class 90
Legacy By The Sea Upscale Class 139
Sheraton Bay Point Resort Upper Midscale Class 319
Sleep Inn & Suites Panama City Beach Midscale Class 90
The Beachside Resort Upscale Class 147
6,337 Hotel/Motel Rooms in PCB STR Total Rooms Reporting (38% compared to 28% in 2016) 2,448
Lodging Analysis
Observations:• The Hampton Inn and Suites Beachfront opened in June 2017 adding 182 new rooms.
This was the first beachfront hotel development in PCB since the 1970’s.• Holiday Inn Express & Suites opened in May, 2017 adding 147 rooms.• Fairfield Inn & Suites opened in July, 2016 adding 102 rooms.
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PCB HOTEL SUPPLY 3-YR TREND
Lodging Analysis
50,000
55,000
60,000
65,000
70,000
75,000
80,000
PCB SUPPLY 3-YR TREND
2015 2016 2017
July 2016 -Fairfield Inn & Suites opened
May 2017 -Holiday Inn & Suites Beachfront opened
June 2017 -Hampton Inn & Suites Beachfront opened
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PCB HOTEL DEMAND 3-YR TREND
Lodging Analysis
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
PCB DEMAND 3-YR TREND
2015 2016 2017
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PCB HOTEL 2017 SUPPLY VS DEMAND
Lodging Analysis
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000Supply'17 Demand'17
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PCB HOTEL ADR 3-YR TREND
Lodging Analysis
$50.00
$100.00
$150.00
$200.00
$250.00
2015 2016 2017
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PCB HOTEL REVPAR 3-YR TREND
Lodging Analysis
$-
$50.00
$100.00
$150.00
$200.00
$250.002015 2016 2017
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PCB HOTEL 2017 ADR vs REVPAR
Lodging Analysis
$-
$50.00
$100.00
$150.00
$200.00
$250.00ADR RevPAR
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Lodging Analysis
PCB HOTEL Annual Occupancy 4-YR Monthly Occupancy Trend
Source: STR Multi-Segment Report – PCB STR-Participating Properties
38.0
60.4
70.5 73.1 73.0
83.3
91.7
71.0 72.1
66.6
53.7
30
40
50
60
70
80
90
100
(%)
2014 2015 2016 2017
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Lodging Analysis
PCB Hotel Annual Occupancy 6-YR Trend - PCB vs. National
Source: STR 6-YR Trend – PCB STR-Participating Properties
57.5%
59.9%
61.4%62.3%
64.4%
65.6% 65.5%
53.5%
56.5%
57.8%
60.8%
64.4%
67.3%
52%
54%
56%
58%
60%
62%
64%
66%
68%
2010 2011 2012 2013 2014 2015 2016
National PCB
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Lodging Analysis
PCB Lodging Room Revenue STR Trend 2014 – 2017
Source: STR Multi-Segment Report – PCB STR-Participating Properties
1,887,496
3,200,737
6,433,779
6,489,666
7,979,391
12,408,395
16,546,859
8,125,379
6,979,352
6,074,356
3,866,902
0.00
3,000,000.00
6,000,000.00
9,000,000.00
12,000,000.00
15,000,000.00
18,000,000.00
2014 2015 2016 2017
Overall +32.9% revenue growth
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Lodging Analysis
2017 January – November YTD Comparative STR Data – USA & PCB
Source: STR Multi-segment Report – PCB STR-Participating Properties
USA PCB
OCC 67.1%(+0.8%)
68.5%(+14.0%)
ADR $127.07(+2.1%)
$150.93(+4.0%)
REVPAR $85.22(+2.9%)
$103.36(+18.6%)
SUPPLY (change) 1.8% 12.1%
DEMAND (change) 2.6% 27.8%
REVENUE (change) 4.8% 32.9%
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2017 Visitor Profile
PCB 2017 VISITOR
SURVEY RESPONSE
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Season 2014 2015 2016 2017
Winter (Dec – Feb) 195 175 309 260
Spring (Mar – May) 441 407 475 410
Summer (Jun - Aug) 1,236 991 869 773
Fall (Sep – Nov) 449 449 378 549
Total Responses 2,321 1,917 2,031 1,992
ONLINE VISITOR SURVEY RESPONDENTS (THROUGH JAN, 4, 2018)
Young Surveys - 2017 Visitor Profile
Source: YSI online surveys with visitors to PCB
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2017 Visitor Profile
2014 Visitor Survey Respondents Map
Source: YSI online surveys with visitors to PCB
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2017 Visitor Profile
2015 Visitor Survey Respondents Map
Source: YSI online surveys with visitors to PCB
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2017 Visitor Profile
2016 Visitor Survey Respondents Map
Source: YSI online surveys with visitors to PCB
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2017 Visitor Profile
2017 Visitor Survey Respondents Maps
Fall
Winter Spring
Summer
Source: YSI online surveys with visitors to PCB
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2017 Visitor Profile
PCB VISITOR
TRAVEL PATTERNS
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2017 Visitor Profile
PCB Average Length of Stay 2013 - 2017
0 10 20 30 40 50 60 70 80
Winter (14+)
Winter (-13)
Spring
Summer
Fall
59.4
6.2
5.5
5.8
5.4
2017 2016 2015 2014
Source: YSI online surveys with visitors to PCB
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2017 Visitor Profile
PCB Average Party Size
0 1 2 3 4 5
Winter (14+)
Winter (-13)
Spring
Summer
Fall
2
3.2
3.6
4.4
3.1
2017 2016 2015 2014
Source: YSI online surveys with visitors to PCB
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2017 Visitor Profile
PCB VISITOR
SPENDING DATA
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2017 Visitor Profile
PCB Total Spending per Party 2014 – 2017
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Winter short Winter long Spring Summer Fall
$1,462
$5,008
$1,977
$2,628
$1,773
2014 2015 2016 2017
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2017 Visitor Economic Impact
Preliminary Observations of 2017 Data
Study period of December, 2016 – November, 2017
• PCB 2016/17TDT was up 13.5% to $20.97M
• PCB 2017/18 TDT is up 2.5% YTD (Oct &Nov)
• Total travel parties/visitors increased 8% - 10%
• Total Overnight visitor spending increased 8% - 10%
• Lodging/Rental ADR increased 4 – 7%
• Lodging/rental occupancy 4 – 8%
• March, May, September, August experienced the highest growth %
• Full Visitor profile and spending with total Impact from the IMPLAN model will be reported in March
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Berkeley Young
Young Strategies, Inc
(704) 677-4018
(704) 770-3333
www.facebook/berkeleyyoung
www.linkedin.com/berkeleyyoung
Contact Information
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Young Strategies Research Team Experience
Destination research and strategic planning
Development and management of conference centers
Research for 150+ destinations in 32 states
Communities, regions and states
Travel industry focused
National research data and trends analysis
Writing and speaking
Board workshops & planning sessions
Listening to travelers