As we wind down from the summer season, I’d like to provide an update on summer performance and what we expect to see from the leisure market through year-end
A brief recap of our performance during the summer months (Memorial Day – Labor Day). Via Demand360, the Myrtle Beach market had an occupancy decline of 2.5% and a rate decline of 0.3%. Despite this market loss, Kingston Resorts finished the summer ahead of our competitive set by +7.8% in occupancy and 6.4% in ADR.
Leisure demand for Q4 in the Myrtle Beach market is pacing behind 4.7%, with Kingston Resorts trending ahead by 4.7% or an index of 6.1%. Lodging metrics also indicate overall market ADR is ahead of 2023 by +1.3% in Q4, however, Kingston Resorts is pacing ahead by 7.9% in the same KPI representing a gain of +6.6% in index over the market.
We are dedicated to the success of the resort and its stakeholders. Even with the softening travel that comes with cooler weather, we will continue to operate under the expectation that we will grow market share, and outperform market trends as we’ve done in the past.
