LMD Looks for Data

As the Local Marketing District (LMD) seeks more participants in the Rocky Mountain Lodging Report, it also is working to determine how many lodging properties would participate in providing an independent, third-party agency with business forecasting data.

Both types of lodging reports are used in marketing and advertising decision-making. The retrospective Rocky Mountain Lodging Report provides measurements of past success. If instituted, a pace report would allow individual businesses, along with the LMD, to react in advance to changing market conditions.

Currently 23 lodging properties report their data to the Rocky Mountain Lodging Report and the LMD board hopes even more will participate in the future.

“The Local Marketing District has taken an active role in encouraging local lodging establishments to participate in the Rocky Mountain Lodging Report, compiled by a Denver accounting firm, in cooperation with the Colorado Hotel and Lodging Association. We know it’s good business for all of us,” said LMD member Elizabeth Blanchard.

The report provides occupancy percentages, average daily rates and RevPar (revenue per available room) for 15 destination locations throughout Colorado. It provides the Estes Park business community with a barometer of how statistics here compare to other destination locations in the state.

“It gives us a benchmark to see if we’re keeping pace with others in the industry,” said Vice Chair Cory Blackman.

A pace report could provide the same type of data in advance, which the LMD board says would better provide the ability to make strategic marketing calls. “If there is a perceived softness in the market, we’ll have the opportunity to act, rather than react,” Blackman said. Additionally, the information could help retailers better plan their staffing levels, he said.

If enough properties pledge participation in a pace report, the LMD will contract for a service to receive and provide the data to the LMD. Lodging establishments would submit their data to an outside agency who maintains each property’s confidentiality, just as the RMLR does. From that information, the independent forecast report would provide 120 days of lodging information prior to guests arriving in the Estes Park area. The Forecasting Report would provide individual businesses (including retail, restaurants & lodging) with key information on how to adjust their businesses for the coming months. Also, the results of each report will assist the LMD in providing businesses with information and support to assist in their success.