Consumers’ continued affection for summer in the High Rockies is setting up local resorts to post a banner year, according to the Denver-based Destimetrics.
Numbers released Monday show June 2014 occupancy rates up 9 percent from the same time last year and a revenue increase of 14 percent. Destimetrics director Ralf Garrison cited mountain resorts’ increased efforts to market and put on events during the summer season as factors in the growth.
“Now that one-third of the summer season is already ‘in the bank,’ it is clear that the well-established pattern of steady growth in the summer season is continuing,” Garrison said. “The stronger emphasis mountain resorts are giving to their summer events calendars, their growing number of on-mountain activities and attractions, and increased commitment to summer marketing campaigns appears to be giving many of our resorts a significant boost in what was once their ‘off season’ attendance and revenues.”
If weather and the economy permits, mountain resorts should continue to operate with higher occupancy and revenue throughout the rest of summer and through the shoulder season. It’s predicted that occupancy and revenue will show increases of 6.2 percent and 11 percent, respectively, compared with the six-month, May-through-October period of last year.
RAKING IT IN
With Breckenridge benefiting from the increased summer visits and on track to shatter all tourism numbers and dollars since 2007, it’s no surprise that local tax revenue is well up from last year. Throughout the first four months of 2014, all forms of tax revenue outdid last year’s total through the same period by 12.6 percent. Retails sales boasted a 10.3 percent increase and restaurant/bar sales a whopping 15.1 percent gain from year to year.
BRECK RETAIL NUMBERS HOLDING STRONG
Retail properties in Breckenridge appear to keep growing in demand, according to statistics compiled by commercial broker Jack Wolfe. As of July 1, the retail vacancy rate hovered at 4.21 percent, a 5.9 percent net decrease from this date last year. Nationally, the U.S. retail vacancy rate is 10.1 percent, a number that has continued to drop slowly every year since 2010 when it ballooned to 13 percent. With local retail vacancies less than 5 percent, Wolfe noted pressure continues on owners to increase lease rates, and well-placed vacancies are in high demand.
SHORES BACK ON TRACK
The Shores at Breckenridge, a partially completed, 10-acre residential development located near the Blue River, has been acquired by Pathfinder Partners LLC, a San Diego-based firm, and Meriweather Cos., based in Boulder. Construction on 20 duplexes is slated to begin sometime this month. Each duplex will feature two 2,500-square-foot residences. When completed, the Shore will contain 56 homes. The original development company, Mesa Development, built the first 14 homes in 2012. That first phase quickly sold out.
DILLON MEXICAN GRILL RANKS TOPS IN STATE
Chimayo, a locally owned Mexican grill in Dillon, was recently ranked as one of the state’s top 10 eateries not located in Denver. The ranking system was compiled by Thrillist, an online news site dedicated to finding the best places to eat, drink and be merry. According to the reviewer, Chimayo is “particularly known for their ‘am I near the ocean?’-fresh fish and shrimp tacos.” It was also noted for its affordability and good margaritas. It was the only restaurant in Summit County to make the list. Smokin Yard’s BBQ in Idaho Springs topped the list followed by the upscale Kelly Liken in Vail.
MAIN STREET CONDOS IN BRECK GET FUNDING
Water House on Main Street, which is a collection of luxury condos in downtown Breckenridge, has received approval for construction financing on its remaining 29 units. Construction on the final units is slated for completion by summer 2015. Water House on Main is owned by Condo Capital Solutions.
“Water House represents a type of product that Breckenridge has been lacking in the last few years,” said Peter Armstrong, vice president with TCF Commercial Banking, the lending institution helping finance Water House. “The price point, interior design appointments, amenities and location all make Water House residences stand out in Breckenridge. Also, with Vail Resorts continuing to invest capital in the ski area and the town’s continued efforts to become a 365-day-a-year resort, Breckenridge real estate is as desirable as ever.”
Prices start at $495,000 for one-bedroom, one-and-a-half bath, luxury units, and climb to $1.5 million for a four-bedroom, four-bath unit. According to Water House has totaled more than $5 million in sales through the early months of 2014, the company said.
If weather and the economy permits, mountain resorts should continue to operate with higher occupancy and revenue throughout the rest of summer and through the shoulder season.