Another record for other books. Bed tax (TOT) collected for October 2021 was $1,179,919. The average daily rate (ADR) continues to drive this trend, with the average rate being $1,013 to stay the night in Yountville. The large hotels, with a total of 393 rooms, drove this average up, and a few lucky guests only paid $555 to stay in a small hotel, a total of 50 rooms. (large hotels have 50 + rooms in Yountville). Occupancy still remains below 2019 levels.
With four months of the fiscal year collected, TOT revenues have reached 80.3% of the adopted budget. The Measure S funds continue to put money in the bank for housing (1% of TOT collected) and sit at over $350,000 collected so far. Finance Director, Cecilia King, continues to be conservative in her evaluation and long-term outlook; she advises “to curb expectations,” which serves our community well. On the other hand, I think we are going to have a banner year with continued growth. The hotels might need to adjust rates in the future, but we will not see a considerable drop because now that the owners have gotten a hold of this revenue, they will not let it slip away easily.
Check out the full budget report for more details.