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You have probably heard by now that Grand Junction was included in the New York Times' annual list of "52 Places to Go in 2023". This was a direct result of Visit Grand Junction's PR efforts along with our partners. The strategy included consistent and deliberate pitching to the NYTimes with relevant news and unique experiences about the Grand Junction area. Our goal was for the NYTimes to hear about GJ from various sources while keeping our area top of mind. We couldn't be more thrilled to have landed on this prestigious and highly sought-after list. Thank you to everyone who has reached out, we appreciate it very much. This is truly a community-wide accomplishment. Congratulations!
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As promised last month, now that we have year-end data, we have completed the Visit Grand Junction annual Team Accomplishments Report. As the City of Grand Junction's Destination Marketing Organization, most of our work is focused on strengthening the destination brand and inspiring visitation to Grand Junction, while upholding destination management principles to protect our quality of life. Thus, our marketing is deployed outside Mesa County and is often not seen by residents. This yearly report provides a snapshot of the Visit GJ teams' work, providing insight into projects, collaborations, partnerships, and data resulting from many of our initiatives which support the Grand Junction community. We hope you find it helpful, and, as always, we welcome your feedback.
Thank you,
Elizabeth
Director, Visit Grand Junction
ElizabethF@GJcity.org or 970-256-4052
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Lodging Tax Revenue Report
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November 2022
From the 4.25% lodging tax collections that Visit GJ received (short-term rental lodging tax revenue is collected quarterly), November 2022’s business was 5.7% percent lower compared to November 2021 (adjusted for late and missing payments).
Of the Grand Junction lodging properties that reported their metrics to STR, LLC.*, occupancy for November 2022 was 53.2%, ADR was $89.60, and RevPAR was $47.68. November 2022's ADR of $89.60 was the highest for any November in Grand Junction's lodging history. As expected, Grand Junction experienced a decrease in all hotel metrics compared to the previous month of October. November 2022’s business experienced a 24.4% decrease in occupancy, a 16.5% decrease in ADR, and a 36.8% decrease in RevPAR compared to October 2022.
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Total lodging tax collections received year-to-date through November 2022’s business is 7.6% higher compared to last year's eleven-month YTD period.
Of the Grand Junction lodging properties that reported their metrics to STR, LLC., year-to-date occupancy through November 2022 is 66.8%, ADR is $108.73, and RevPAR is $72.67.
Compared to the U.S. Year-to-Date:
Grand Junction's November 2022 year-to-date occupancy of 66.8% is 5.8% higher than the U.S. year-to-date occupancy rate of 63.1%.
Grand Junction's November 2022 year-to-date ADR of $108.73 continues to trend lower than the U.S. year-to-date ADR of $148.00.
Compared to Colorado Year-to-Date:
Grand Junction's November 2022 year-to-date occupancy of 66.8% is even with Colorado's year-to-date occupancy rate of 66.8%.
Grand Junction's November 2022 year-to-date ADR of $108.73 continues to trend lower than Colorado’s year-to-date ADR of $163.23.
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It has been very exciting to experience Grand Junction lodgers achieving record average daily rates for most of the months in 2022. The determination and willingness of GJ’s lodging properties to take risks with their revenue management strategies have literally paid off, as proven by the fact that close to $5 million in additional revenue has been generated by Grand Junction lodging properties year-to-date through November 2022, compared to the same time period last year. In fact, for the first time ever, Grand Junction’s ADR for 2022 will surpass the $100 mark! We will report on the final 2022 hotel metrics in next month’s Stakeholder eNewsletter. Visit Grand Junction highly commends all the lodging properties for your hard work in yield management! Way to go!
Continue to be resilient, resourceful, and creative in holding rates. Keep in mind that historical seasonal rate data is no longer a viable guide to understanding what could materialize in the future. Be sure to check out this recent article from Hotel News Now titled ”Hotel Revenue Manager: Don’t Drop Rates Unnecessarily.” There are a lot of other resources out there to assist you with rate management, including Visit GJ. If you would like additional assistance with your revenue management strategies, feel free to contact Elizabeth at ElizabethF@GJCity.org.
Click here for the latest sales, use, and lodging tax collection reports from the City of Grand Junction.
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For national metrics, Grand Junction was 10.4% lower than U.S. hotels in average occupancy, 38.0% lower in ADR (proof there is room to raise rates), and 44.4% lower in RevPAR for November 2022 due to the higher ADR for the U.S.
As a reminder, U.S. metrics include major metropolitan areas like NYC, LA, Chicago, Houston, Phoenix, Denver, etc. Those cities and hundreds of others create a dichotomy concerning the unbalanced comparison of Grand Junction metrics to U.S. metrics. Nevertheless, comparing your hotel's performance to the U.S. hotel industry helps identify areas of strength and areas of improvement to remain positioned where you want to be.
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Compared to the entire state, Grand Junction was 0.9% lower than Colorado hotels in average occupancy, 30.5% lower in ADR, and 31.2% lower in RevPAR for November 2022, due to Colorado’s higher ADR.
When excluding Colorado ski towns (Breckenridge, Frisco, Silverthorne, Vail, Avon, Beaver Creek, Winter Park, Steamboat Springs, Snowmass, Aspen, Crested Butte, and Telluride), Grand Junction was 5.2% lower than the rest of the state in average occupancy, 30.5% lower in ADR (again, proof there is room to raise rates), and 31.2% lower in RevPAR, due to the rest of state’s higher ADR. Please remember that the two largest Colorado cities, Denver and Colorado Springs, will still weigh the data disproportionately compared to Grand Junction.
*Source: STR, LLC. - REPUBLICATION OR OTHER RE-USE OF STR’s DATA WITHOUT THE EXPRESS WRITTEN PERMISSION OF STR IS STRICTLY PROHIBITED.
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2023 Traveler Value Index
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Expedia Group Media Solutions recently released insights from their 2023 Traveler Value Index. The report sheds light on traveler preferences, what has been temporarily and permanently changed by the pandemic, and what is still evolving according to their comfort level. Based on traveler sentiment and behavior, both from Expedia’s first-party data collected across their over 200 global travel websites and by surveying travelers, nearly half (46%) of respondents from the study of 11,000 consumers from around the world said that travel is more important to them now than it was pre-pandemic and 43% of the respondents are prepared to increase their budget for travel in 2023. Reasons for traveling in 2023 have also shifted. Click here for the most important factors consumers take into consideration when making travel decisions.
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Love'n GJ on Social Media
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Kyana commented "This is so beautiful 😍"
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Tim said, "Some of the best skiing I’ve had in ages!!!"
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Dave wrote, "My favorite place in the world!"
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