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Visit Salt Lake has developed occupancy forecasting models by using STR Analytics daily hotel data. STR Analytics produces a ‘Daily Trend Report’ (DTR). The DTR is a report of hotels’ daily percentage occupancy, average daily rate, and resulting RevPAR. Visit Salt Lake has purchased a subscription to DTR for Salt Lake in two sets. One for total Salt Lake County (approx. 19,700 rooms), and the other for the Salt Lake County Convention District (“SLCD,” approx. 6,400 rooms). By simple interpolation, we derive the data set for Salt Lake hotels that are located outside the SLCD (approx. 13,300 rooms).
VSL has DTR information from January 1, 2012, to the present. Hotels in the SLCD are located in the downtown area, and 98% of their hotel reservation systems are directly linked to STR Analytics. This enables STR to produce its DTR with a high degree of accuracy and provides reliable insight into the effects of events in Salt Lake. Approximately 80% of the hotels inside Salt Lake County but outside of the SLCD link their reservation systems to STR Analytics. The other hotels participate in surveys conducted by STR.
The graph above shows hotel occupancy forecasts for March 2019. Occupancy forecasts are estimated by the number of convention attendees, day-of-week, seasonality, and location.
There are two graphs for each forecasted month:
- Hotel occupancy inside the SLCD
- Hotel occupancy outside the SLCD
The graphs also show historic year-over-year occupancy rates, convention dates, and claimed convention attendance.