Total destination occupancy over the next two-week period has increased by 4% YOY, currently at 52%, and average daily rate (ADR) has decreased by 7% at $557. Most of the growth will occur over the 4th of July holiday long weekend, with a total occupancy (paid and owner) increase of 15% YOY, averaging 55% occupancy over five days. Average daily rate over the holiday weekend has decreased by 11% compared to 2022, at $656. Properties in Mountain Village will see a 31% YOY occupancy increase over the 4th, and Town of Telluride’s occupancy over the holiday weekend has decreased by 7%.
Summer continues to pace slightly ahead of 2022, with a 2% increase in both total and paid occupancy (currently at 39% and 31% respectively). Destination average daily rate (ADR) has decreased by 4% at $593 compared to $618 in 2022. Mountain Village total occupancy is pacing 9% ahead of 2022 at 38% occupancy, with a 9% decrease in ADR at $568. Telluride’s total occupancy is pacing 6% behind YOY at 41%, and ADR has increased by 4% at $625.
With summer booking windows shorter than the winter months, lodging metrics can change quickly. Stay tuned to the weekly Peak Sheet for up-to-date lodging forecasts to ensure your business is properly prepared!
AIR UPDATE
Strong weekly bookings have continued after the softer spring, with summer overall now up about 5%. June, with early events, is up double digits with July and August up a few points, and September and October flat to just down. Daily traffic is spread evenly over the next few weeks, including the 4th of July holiday. Early winter schedules are live now, if it’s not too soon!
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Frequently Asked Questions
What is the current occupancy and average daily rate for Telluride lodging as of late June 2023?
Over the two-week period covered in this update, total destination occupancy is at 52% (up 4% year-over-year), with an average daily rate of $557 (down 7% compared to last year). Summer overall is pacing 2% ahead of 2022 with 39% total occupancy and a destination ADR of $593.
How will the 4th of July holiday weekend impact Telluride and Mountain Village occupancy?
The 4th of July long weekend is expected to see a 15% year-over-year increase in occupancy, with properties averaging 55% occupancy over five days. Mountain Village will see a particularly strong 31% occupancy increase, while Town of Telluride's occupancy is expected to decrease by 7% over the holiday weekend.
What are the current air travel trends for summer 2023?
Summer bookings are up about 5% overall, with June up double digits due to early events, and July and August up a few points. September and October are flat to slightly down, while daily traffic is expected to be spread evenly over the coming weeks including the 4th of July holiday.
How is Mountain Village lodging performance comparing to Telluride town this summer?
Mountain Village is pacing 9% ahead of 2022 with 38% occupancy and an ADR of $568 (down 9% year-over-year), while Telluride town is pacing 6% behind last year at 41% occupancy with an ADR of $625 (up 4%).
