It’s the second month of the new fiscal year for transit and occupancy tax (TOT)(bed tax) and another record-breaking month. Total TOT revenue for August 2021 was $944,777. View the full Town report here. As with July 2021, the average daily rate (ADR) is up over previous years, and occupancy is down over last year (2020 excepted). ADR for 2021 was a staggering $858 besting July 2021 by $22. Interesting to note that the large hotels in Town, defined as over 50 units, had an ADR of $940! Another interesting note on occupancy, Town-wide was 65%, down over previous years, and the large hotels were at 63%, and the small hotels, less than 50 units, had an occupancy of 81%. There are 393 rooms in the large hotels and 62 rooms in the small hotels.
The Town has always been conservative in its budgeting of TOT revenue. For this fiscal year, they have budgeted $5,250,000, and 36% of that has already been collected in the first two months. We shall continue to watch this closely.