Panama City Beach CVB Travel Market Preliminary Report. Prepared for: Panama City Beach Convention & Visitors Bureau

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1 Panama City Beach CVB 2017 Travel Market Preliminary Report Prepared for: Panama City Beach Convention & Visitors Bureau Presented by: Berkeley Young, President Young Strategies, Inc. Larry D. Gustke, PhD Study Conducted: December, 2016 January, 2018 Preliminary Presentation of Research & Findings January 9,

2 Trends and Data Summary & Overview PCB is an extremely large, diverse destination Year-end economic impact data is typically reported 9-16 months after year-end close of books Fact Tourist Development Tax Revenue Fact STR hotel data Fact VisaVue data from domestic travel expenditures in PCB Fact Destimetrics/Inntopia & AirDNA data for Rentals market Survey Young Strategies online surveys with visitors to PCB Survey Young Strategies intercept interviews with visitors to PCB - 1 -

3 PANAMA CITY BEACH Tourist Development Tax 4-Year Trend - 2 -

4 PCB Tourist Development 4-YR Tax Trend $5,000, $4,947,031 $4,000,000 $3,855,439 $3,000,000 $2,148,364 $2,000,000 $1,421,784 $1,625,318 $1,900,446 $1,620,578 $1,000,000 $495,113 $728,369 $1,289,221 $591,967 $- Source: Bay County Tax Collection - 3 -

5 PANAMA CITY BEACH HOTEL/MOTEL STR DATA - 4 -

6 Lodging Analysis PCB HOTEL Properties Reporting to STR Beachbreak By The Sea Upper Midscale Class 97 Beachcomber By The Sea Upscale Class 96 Comfort Suites Panama City Beach Upper Midscale Class 74 Country Inn & Suites Panama City Beach Upper Midscale Class 82 Days Inn Panama City Beach Ocean Front Economy Class 188 Fairfield Inn & Suites Panama City Beach Upper Midscale Class 109 Hampton Inn & Suites Panama City Beach Beachfront Upper Midscale Class 182 Hampton Inn & Suites Panama City Beach Pier Park Area Upper Midscale Class 95 Hampton Inn Panama City Beach Upper Midscale Class 89 Hawthorn Suites by Wyndham Panama City Beach Midscale Class 78 Holiday Inn Express & Suites Panama City Beach Beachfront Upper Midscale Class 147 Holiday Inn Resort Panama City Beach Upper Midscale Class 340 La Quinta Inns & Suites Panama City Beach Midscale Class 86 La Quinta Inns & Suites Panama City Beach Pier Park Area Midscale Class 90 Legacy By The Sea Upscale Class 139 Sheraton Bay Point Resort Upper Midscale Class 319 Sleep Inn & Suites Panama City Beach Midscale Class 90 The Beachside Resort Upscale Class 147 6,337 Hotel/Motel Rooms in PCB STR Total Rooms Reporting (38% compared to 28% in 2016) 2,448 Observations: The Hampton Inn and Suites Beachfront opened in June 2017 adding 182 new rooms. This was the first beachfront hotel development in PCB since the 1970 s. Holiday Inn Express & Suites opened in May, 2017 adding 147 rooms. Fairfield Inn & Suites opened in July, 2016 adding 102 rooms

7 Lodging Analysis PCB HOTEL SUPPLY 3-YR TREND 80,000 75,000 70,000 May Holiday Inn & Suites Beachfront opened PCB SUPPLY 3-YR TREND June Hampton Inn & Suites Beachfront opened 65,000 60,000 55,000 July Fairfield Inn & Suites opened 50,

8 Lodging Analysis PCB HOTEL DEMAND 3-YR TREND PCB DEMAND 3-YR TREND 80, ,000 60,000 50,000 40,000 30,000 20,000 10,

9 Lodging Analysis PCB HOTEL 2017 SUPPLY VS DEMAND 80,000 70,000 Supply'17 Demand'17 60,000 50,000 40,000 30,000 20,000 10,

10 Lodging Analysis PCB HOTEL ADR 3-YR TREND $ $ $ $ $

11 Lodging Analysis PCB HOTEL REVPAR 3-YR TREND $ $ $ $ $50.00 $

12 Lodging Analysis PCB HOTEL 2017 ADR vs REVPAR $ ADR RevPAR $ $ $ $50.00 $

13 PCB HOTEL Annual Occupancy 4-YR Monthly Occupancy Trend Lodging Analysis (%) Source: STR Multi-Segment Report PCB STR-Participating Properties

14 Lodging Analysis PCB Hotel Annual Occupancy 6-YR Trend - PCB vs. National 68% National PCB 67.3% 66% 64% 62% 60% 59.9% 61.4% 62.3% 60.8% 64.4% 64.4% 65.6% 65.5% 58% 57.5% 57.8% 56% 54% 52% 53.5% 56.5% Source: STR 6-YR Trend PCB STR-Participating Properties

15 Lodging Analysis PCB Lodging Room Revenue STR Trend ,000, ,546,859 15,000, ,408,395 Overall +32.9% revenue growth 12,000, ,000, ,433,779 7,979,391 8,125,379 6,000, ,200,737 6,489,666 6,979,352 6,074,356 3,866,902 3,000, ,887, Source: STR Multi-Segment Report PCB STR-Participating Properties

16 Lodging Analysis 2017 January November YTD Comparative STR Data USA & PCB OCC ADR REVPAR USA 67.1% (+0.8%) $ (+2.1%) $85.22 (+2.9%) PCB 68.5% (+14.0%) $ (+4.0%) $ (+18.6%) SUPPLY (change) 1.8% 12.1% DEMAND (change) 2.6% 27.8% REVENUE (change) 4.8% 32.9% Source: STR Multi-segment Report PCB STR-Participating Properties

17 2017 Visitor Profile PCB 2017 VISITOR SURVEY RESPONSE

18 Young Surveys Visitor Profile ONLINE VISITOR SURVEY RESPONDENTS (THROUGH JAN, 4, 2018) Season Winter (Dec Feb) Spring (Mar May) Summer (Jun - Aug) 1, Fall (Sep Nov) Total Responses 2,321 1,917 2,031 1,992 Source: YSI online surveys with visitors to PCB

19 2017 Visitor Profile 2014 Visitor Survey Respondents Map Source: YSI online surveys with visitors to PCB

20 2017 Visitor Profile 2015 Visitor Survey Respondents Map Source: YSI online surveys with visitors to PCB

21 2017 Visitor Profile 2016 Visitor Survey Respondents Map Source: YSI online surveys with visitors to PCB

22 2017 Visitor Profile 2017 Visitor Survey Respondents Maps Winter Spring Summer Fall Source: YSI online surveys with visitors to PCB

23 2017 Visitor Profile PCB VISITOR TRAVEL PATTERNS

24 2017 Visitor Profile PCB Average Length of Stay Fall 5.4 Summer 5.8 Spring 5.5 Winter (-13) Winter (14+) Source: YSI online surveys with visitors to PCB

25 2017 Visitor Profile PCB Average Party Size Fall 3.1 Summer 4.4 Spring 3.6 Winter (-13) 3.2 Winter (14+) Source: YSI online surveys with visitors to PCB

26 2017 Visitor Profile PCB VISITOR SPENDING DATA

27 2017 Visitor Profile PCB Total Spending per Party $7,000 $6,000 $5,000 $5,008 $4,000 $3,000 $2,628 $2,000 $1,462 $1,977 $1,773 $1,000 $- Winter short Winter long Spring Summer Fall

28 2017 Visitor Economic Impact Preliminary Observations of 2017 Data Study period of December, 2016 November, 2017 PCB 2016/17TDT was up 13.5% to $20.97M PCB 2017/18 TDT is up 2.5% YTD (Oct &Nov) Total travel parties/visitors increased 8% - 10% Total Overnight visitor spending increased 8% - 10% Lodging/Rental ADR increased 4 7% Lodging/rental occupancy 4 8% March, May, September, August experienced the highest growth % Full Visitor profile and spending with total Impact from the IMPLAN model will be reported in March

29 Contact Information Berkeley Young Young Strategies, Inc (704) (704)

30 Young Strategies Research Team Experience Destination research and strategic planning Development and management of conference centers Research for 150+ destinations in 32 states Communities, regions and states Travel industry focused National research data and trends analysis Writing and speaking Board workshops & planning sessions Listening to travelers