JACKSON, Wyo. — The monthly Lodging Destimetrics Report compiled by the Jackson Hole Chamber of Commerce shows a 13 percent decline in hotel stays this past February, compared to February 2022.
The report reflects occupancy rates and “on the books” reservations as of Feb. 28.
For the next six months, pre-booked lodging is down 21% compared to the same time last year.
“Historically speaking, the past six months in occupancies were -11.1% variance compared to FY21/22,” Kent Elliott, director of destination global sales at the Jackson Hole Chamber of Commerce said in the report. “Comparing projected occupancies from this year to 2020, June, July and August have the largest deficit in projected occupancies.”
As of Feb. 28, projected occupancy rates are down about 31% for July and 44.9% for August compared to the same time last year. Historically, occupancy in July and August is 82.1 and 79.3, respectively.
Looking at “on the books,” March is expected to have a nearly 10% decline in occupancies compared to March 2022. According to the report, room revenue for March is projected at about $16.8 million compared to March 2022 which was $20.4 million.
The report also notes that the revenue projections reflect a 15.7% decrease in average room rates.
“I could sit here and give multiple reasons on why I think occupancies are declining… Although the economy seems to be doing okay, inflation is still high, interest rates keep rising and the stock market, well it is like a bouncy ball,” Elliott said in the report.
