UPDATED August 9: There was a miscalculation in last week’s TOT report. Most numbers stayed the same, and the two changes are: town-wide occupancy for June 2022 was 56%, and the ADR was $934. So, my statements from last week still hold true. This week I have included the county-wide occupancy numbers for Napa, and you can see that Yountville is running well behind its neighbors for June as well as the calendar year. See the Napa County numbers.
Record TOT revenue collected for a fiscal year: $9,827,529. Record ADR for one month: $1,333. One of the lowest occupancies in Yountville for June: 39%. TOT revenue for June 2022 was $852,562, a decrease of $46,072 (5.1%) over June 2021. This was the only month below budget and below 2021 for this current fiscal year.
First, let me say, I do appreciate the explanations from the Town Finance department with their interpretations of the numbers and what it means moving forward. This, along with the STR (Smith Travel Research) reports for the Town staff, will ensure sound forecasting and help to fine-tune the Town budget.
Now about June 2022. There are multiple factors in play here: traveling to Europe is significant, other new hotels to stay at in Napa valley, high rates causing travelers to look at other opportunities, staffing, and add in all the different terms we have been hearing just these past six months. The smaller hotels again had higher occupancy than the large hotels – 65% (62 rooms) vs. 35% (393 rooms). It will be interesting to see the data for the Napa Valley and the other municipalities.
July has passed, and August will bring back the V Foundation and other small groups. We shall see how the new fiscal year starts.