The trend lines for the 52-week moving average rate of change for lodging reflect the direction and rate of change in lodging business performance. The graphs show the 52-week average rate of change during each rental week between Nov. 17, 2013, and Nov. 17, 2018.
It was pointed out by researchers on this page last year, though it now seems like an understatement to say, that fall can be a tricky season for lodging businesses along the Grand Strand. During years 2013 and 2014 no named stormed passed near the Carolinas, but during 2015, 2016, 2017 and 2018, the area experienced major disruptions stemming from Hurricanes Joaquin, Matthew, Irma, and Florence respectively. Read more about this latest impact to the Myrtle Beach area.
Prior to Hurricane Florence, 2018 seemed to be turning out to be a normal year for tourism along the Grand Strand. The researchers in the Clay Brittain Jr. Center for Resort Tourism and the Grant Center for Real Estate and Economic Development estimate the year-to-date lodging business performance as of Sept. 8, 2018, along with the most recent five years.
Along the Grand Strand, the peak of the tourist season occurs each year between the last two weeks of July and the first two weeks of August. The Center tracks lodging demand in two different ways. The business performance of the nightly rented hotels, condo-hotels and campsites (HC-HCs) is estimated with the assistance of lodging properties that voluntarily provide their daily performance records to the Center. The business performance of the weekly rented vacation rental properties (VRPs) is estimated by observing the booking status and advertised rental prices on the reservation websites of a scientifically random sample of rental properties. The table below reflects lodging demand during this period across the most recent six years.
In this issue of the Grand Strander, we will look at lodging industry performance results for the Grand Strand during the first half of 2018. Transient lodging occupancy and price for the first 24 weeks of 2018 compared with the equivalent dates of 2014-2018 are recapped.