by Taylor Damonte, Ph.D., director of the Clay Brittain Jr. Center for Resort Tourism, and Gary Loftus, director of the Grant Center for Real Estate and Economic Development, E. Craig Wall Sr. College of Business Administration, Coastal Carolina University
In this issue of the Grand Strander, we will look at lodging industry performance results for the Grand Strand during the first half of 2018. Transient lodging occupancy and price for the first 24 weeks of 2018 compared with the equivalent dates of 2014-2018 are recapped in the table below.
So far in 2018, average occupancy for the Center’s voluntary sample of hotel, condo-hotel and campground segments combined declined by 1.9 occupancy points, or 3.6 percent, compared with 2017. During the same time, the average daily rate declined by 2.1 percent, leaving revenue per available room down by 5.7 percent. Based on the scientific random samples that Center researchers observe of vacation rental properties advertised on the internet, the level of reservations in the VRP segment this year is now up by 1.3 occupancy points, or
2.5 percent, compared with 2017. Advertised price per bedroom for VRPs declined by 4.8 percent compared with 2017, leaving revenue per available bedroom down by 2.3 percent. It is important to note that the second half of the year always produces the highest revenue per available bedroom because it includes most of the summer tourist season.
If you represent a hotel or condo-hotel management company and would like to become a participant in the Brittain Center’s or the Grant Center’s research and receive segment-level results and six-week occupancy forecasts, please contact Taylor Damonte, tdamonte@coastal.edu, or Gary Loftus, gloftus@coastal.edu, at Coastal Carolina University.
