FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY EXECUTIVE SUMMARY
ORANGE COUNTY UNEMPLOYMENT
TRANSPORTATION 2022 VS. 2021 ORANGE COUNTY MONTHLY UNEMPLOYMENT RATE 2.5% (DECEMBER 2022) ORANGE COUNTY MONTHLY # OF HOSPITALITY & TOURISM EMPLOYEES % CHANGE +10.8% (DECEMBER 2022 vs. DECEMBER 2021) % OF RESTAURANTS OPEN CALIFORNIA LOS ANGELES 94% 92% (FEBRUARY 15 – 21, 2023)
REPORT NEWPORT BEACH HOTELS (FEBRUARY 12 - 18, 2023) NEWPORT BEACH HOTELS WEEKLY OCCUPANCY RATE OPEN HOTELS (ONLY OPEN HOTELS) 64.6% NEWPORT BEACH HOTELS WEEKLY OCCUPANCY RATE % CHANGE OPEN HOTELS +16.8% 2023 vs. 2022 NEWPORT BEACH HOTELS WEEKLY AVERAGE RATE $309.72 # OF HOTEL ROOMS OPEN FOR BOOKING: 2,977 NEWPORT BEACH HOTELS WEEKLY OCCUPANCY RATE ALL HOTELS (OPEN & CLOSED HOTELS) 58.5%
CALIFORNIA & LA RESTAURANT
NEWPORT BEACH SHORT-TERM VACATION RENTALS (FEBRUARY 12 - 18, 2023) NEWPORT BEACH SHORT-TERM RENTALS WEEKLY OCCUPANCY RATE 40.0% NEWPORT BEACH SHORT-TERM RENTALS WEEKLY AVERAGE RATE $425.23 NEWPORT BEACH SHORT-TERM RENTALS MONTHLY % CHANGE IN SUPPLY -1.6% JANUARY - FEBRUARY 2023 +18.7% SOURCE: STR, OCAIR.COM, KEY DATA DASHBOARD , OPENTABLE.COM, BLS.GOV, GOODCARBADCAR.NET YOY % CHANGE IN # OF DINERS CALIFORNIA LOS ANGELES 0.14% 0.01% (FEBRUARY 15-21, 2023) ORANGE COUNTY/JOHN WAYNE AIRPORT # OF MONTHLY PASSENGERS NOVEMBER 2022 NOVEMBER 2021 1,014,095 854,393 +18.7% US AUTO MARKET SALES BY MONTH JANUARY 2023 JANUARY 2022 544,382 1,018,304 -46.5%
FEBRUARY 24, 2023, WEEKLY REPORT NEWPORT BEACH & COMPANY TRANSPORTATION METRICS
GASOLINE: NATIONAL AVG. VS CALIFORNIA AVG. VS HOTEL OCCUPANCY RATE DECEMBER 19, 2022 – FEBRUARY 13, 2023 SOURCE: OCAIR.COM SOURCE: U.S. ENERGY INFORMATION DEPT., STR ORANGE COUNTY/JOHN WAYNE AIRPORT (SNA) MONTHLY PASSENGER TRAFFIC (2022, 2021 & 2020)
PASSENGER COUNT GASOLINE/GAL VS HOTEL OCCUPANCY RATE 41.1% 54.9% 40.3% 54.9% 56.0% 65.1% 67.6% 67.1% 64.6% $3.23 $3.20 $3.33 $3.36 $3.42 $3.52 $3.59 $3.55 $3.55 $4.29 $4.26 $4.32 $4.33 $4.35 $4.51 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 FEB 06 DEC 19 $4.46 JAN 23 $4.51 $4.38 FEB 13 JAN 16 JAN 30 JAN 02 JAN 09 DEC 26 NATIONAL GAS PRICE CALIFORNIA GAS PRICE OCCUPANCY RATE 717,400 916,767 958,826 1,003,510 1,001,249 1,049,187 1,030,933 1,014,460 1,079,792 1,014,095 944,146 195,290 227,402 495,592 585,735 730,144 890,185 831,522 783,737 873,422 854,393 847,671 806,386 764,506 337,981 82,342 181,486 239,120 266,986 274,813 307,865 277,020 231,033 NOV SEP AUG OCT JUL JUN MAY 25,313 APR MAR DEC 385,396 FEB JAN 360,402 2020 2021 2022
FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY
ECONOMIC METRICS
SOURCE: U.S. INFLATION CALCULATOR SOURCE: U.S. INFLATION CALCULATOR, STR RATE OF INFLATION BY MONTH YOY COMPARISON (2021 – 2023)
RATE OF INFLATION VS MONTHLY HOTEL OCCUPANCY RATE (%) JANUARY – DECEMBER 2023 5.3% 5.4% 5.0% 1.4% 4.2% 6.5% NOV 7.1% 1.7% AUG 7.9% JUL 8.5% 7.7% 7.0% 9.1% 8.5% 6.4% MAY OCT JUN 6.2% 2.6% 8.2% SEP MAR FEB APR 8.6% 5.4% JAN 6.8% 5.4% 8.3% DEC 7.5% 8.3% 2021 2022 2023 INFLATION RATE OCT SEP JUL JUN APR 6.4% FEB AUG JAN NOV MAY DEC 54.9% MAR 2023 NEWPORT BEACH HOTEL OCCUPANCY RATE (%) 2023 INFLATION RATE INFLATION RATE VS OCCUPANCY RATE
FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY ECONOMIC METRICS
AVG. CREDIT/DEBIT CARD SPEND BY CATEGORY
CARD/DEBIT TRANSACTION AMOUNT BY TOP
FEBRUARY 12 – FEBRUARY 18, 2023 SOURCE: ZARTICO
AVG. CREDIT
10 SPEND MARKETS
FEBRUARY 12 – FEBRUARY 18, 2023
42.5% 28.0% 12.0% 4.5% 49.4% 26.4% 4.4% 3.3% 7.2% 3.1% 2023 2022 -2.9% 13.9% 36.1% -4.3% 36.1% Gas & Service Stations Accommodations Retail Y/Y VARIANCE Food Business & Professional AVG TOTAL SPEND Y/Y VARIANCE Sacramento CA Dallas-Ft. Worth TX $454.45 $418.59 Los Angeles CA AVG TRANSACTION SPEND San Francisco CA Chicago IL Phoenix AZ $156.84 $962.66 $169.58 $129.34 $121.06 $425.21 Idaho Falls-Pocatello ID $785.17 $92.06 Las Vegas NV Monterey-Salinas CA San Diego CA CATEGORY SPEND AVERAGE CREDIT/DEBIT SPEND 3.7% 3.0% 11.2% 3.9% 2.4% 3.7% 2.4% 3.6% 2.5% 23.6% % OF TOTAL VISITOR SPEND SOURCE: ZARTICO
FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY VISITATION METRICS
ZARTICO
ZARTICO OVERNIGHT VISITATION FROM TOP 10 ORIGIN MARKETS FEBRUARY 12 – FEBRUARY 18, 2023
SOURCE:
SOURCE:
VISITATION TYPE BY TOP 10 ORIGIN MARKETS FEBRUARY 12 – FEBRUARY 18, 2023 52.6% 6.6% 4.4% 3.5% 3.0% 2.7% 1.9% 1.7% 1.4% 1.3% Bakersfield CA Palm Springs CA Dallas-Ft. Worth TX Salt Lake City UT Las Vegas NV Sacramento CA San Diego CA Phoenix AZ San Francisco CA Los Angeles CA % OF TOTAL VISITORS BY ORIGIN MARKET VISITATION BY ORIGIN MARKET 22.3% 8.5% 7.2% 5.3% 3.7% 3.7% 4.0% 2.7% 2.6% 2.4% 36.5% 10.4% 4.8% 4.0% 4.7% 3.8% 1.9% 1.7% 2.0% 1.6% 43.9% 7.8% 5.4% 5.6% 5.9% 2.1% 1.9% 1.0% 1.3% 44.2% 8.1% 5.7% 5.8% 4.2% 1.8% 1.8% 1.4% 1.0% 1.2% Los Angeles CA Non-US Phoenix AZ Las Vegas NV San Diego CA San Francisco CA Salt Lake City UT Denver CO Sacramento CA Dallas-Ft. Worth TX OVERNIGHT LONG DAY TRIP DAY TRIP SHORT TRIP VISITATION TYPE
FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY
HOTEL PERFORMANCE: OCCUPANCY
2023 – FEBRUARY 12 , 2023) )
2023, 2022 & 2021)
SOURCE: STR
NEWPORT BEACH HOTELS DAILY OCCUPANCY RATE BY DAY OF WEEK (WEEKS OF JANUARY 22,
NEWPORT BEACH HOTELS AVERAGE MONTHLY OCCUPANCY RATE (YEAR - OVER - YEAR COMPARISON FOR
NEWPORT BEACH HOTELS WEEKLY OCCUPANCY RATE (2022 & 2021)
40.6% 51.0% 33.3% 39.6% 37.9% 41.7% 47.3% 49.8% 55.3% 62.8% 41.1% 54.9% 40.3% 54.9% 56.0% 65.1% 67.6% 67.1% 64.6% 0 55 110 53.2% FEB 12 JAN 29 FEB 05 JAN 22 JAN 15 DEC 18 JAN 01 DEC 25 DEC 11 JAN 08 2022 2021 WEEKLY OCCUPANCY 42.4% 47.0% 49.3% 40.2% 68.1% 69.6% 72.1% 50.0% 78.8% 75.9% 87.2% 60.1% 83.1% 75.8% 84.4% 71.2% 66.9% 65.1% 66.8% 71.5% 57.9% 69.6% 52.4% 70.1% 58.6% 70.5% 57.2% 89.0% FEB 05 - FEB 11 JAN 29 - FEB 04 FEB 12 - FEB 18 JAN 22 - JAN 28 OCCUPANCY BY MONTH 22.7% 29.6% 38.6% 47.7% 52.7% 62.7% 71.6% 61.7% 58.1% 59.8% 53.5% 51.5% 52.7% 63.8% 62.9% 60.2% 64.2% 73.5% 67.9% 70.1% 68.4% 56.6% 54.9% AUG DEC 61.0% NOV JUN OCT MAY 37.5% APR MAR JUL SEP FEB JAN 2022 2023 2021 2023 v 2022
FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY
HOTEL PERFORMANCE: ADR
SOURCE: STR
NEWPORT BEACH HOTELS DAILY ADR BY DAY OF WEEK (WEEKS OF JANUARY 22, 2023 – FEBRUARY 12, 2023)
NEWPORT BEACH HOTELS AVERAGE MONTHLY ADR (YEAR - OVER - YEAR COMPARISON FOR 2023, 2022 & 2021)
NEWPORT BEACH HOTELS WEEKLY ADR (2022 vs. 2021)
WEEKLY ADR ADR BY MONTH $312.41 $361.38 $280.70 $301.84 $309.29 $288.38 $283.98 $327.04 $325.47 $408.33 $294.73 $291.73 $284.33 $307.97 $296.01 $308.66 $309.72 250 400 200 450 350 500 $451.09 DEC 25 DEC 18 JAN 01 JAN 08 DEC 11 JAN 22 JAN 29 JAN 15 FEB 05 FEB 12 $322.29 $362.84 2022 2021 $306.50 $283.17 $295.36 $302.35 $303.08 $293.86 $308.67 $294.94 $317.14 $306.77 $306.35 $293.18 $321.29 $302.86 $312.61 $298.76 $312.43 $301.88 $304.84 $307.52 $293.67 $288.31 $308.16 $327.06 $292.56 $289.92 $322.77 $329.41 FEB 12 - FEB 18 FEB 05 - FEB 11 JAN 22 - JAN 28 JAN 29 - FEB 04 $243.75 $255.16 $278.18 $296.71 $287.16 $316.50 $338.41 $303.37 $311.15 $338.97 $306.70 $320.66 $323.93 $330.92 $341.95 $359.90 $333.91 $328.49 $334.66 $297.60 300 200 400 250 450 150 FEB $444.09 $407.58 $397.40 $379.47 JAN AUG MAY SEP MAR $403.73 NOV OCT APR JUL DEC JUN 2022 2023 2021 2023 v 2022
FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY
HOTEL PERFORMANCE: REVPAR
SOURCE: STR
NEWPORT BEACH HOTELS DAILY REVPAR BY DAY OF WEEK (WEEKS OF JANUARY 22, 2023 – FEBRUARY 12, 2023)
NEWPORT BEACH HOTELS AVERAGE MONTHLY REVPAR (YEAR - OVER - YEAR COMPARISON FOR 2023, 2022 & 2021)
NEWPORT BEACH HOTELS WEEKLY REVPAR (2022 vs. 2021)
WEEKLY REVPAR REVPAR BY MONTH $166.22 $146.66 $230.24 $93.40 $119.60 $117.25 $120.37 $134.28 $162.87 $179.92 $202.45 $149.11 $224.28 $160.25 $159.34 $200.62 $200.24 $206.99 $200.06 JAN 29 JAN 08 DEC 18 JAN 01 $118.87 FEB 05 DEC 25 FEB 12 JAN 22 DEC 11 JAN 15 2021 2022 $130.11 $133.13 $145.70 $121.55 $206.46 $204.62 $222.59 $147.47 $249.99 $232.75 $267.18 $176.30 $267.06 $229.48 $263.83 $212.64 $209.16 $196.63 $203.57 $219.91 $170.09 $200.75 $161.42 $229.38 $171.51 $204.31 $184.67 $293.15 FEB 12 - FEB 18 FEB 05 - FEB 11 JAN 22 - JAN 28 JAN 29 - FEB 04 $55.35 $75.46 $141.42 $151.26 $248.99 $199.62 $181.29 $166.41 $174.69 $114.90 $169.04 $206.54 $208.16 $205.89 $278.88 $254.02 $228.53 $200.34 $188.93 $163.45 SEP AUG JUL JUN $198.54 $253.62 $284.44 $107.24 NOV FEB JAN DEC MAY MAR APR OCT $326.26 2021 2023 2022 2023 v 2022
FEBRUARY 24, 2023, WEEKLY REPORT NEWPORT BEACH & COMPANY SHORT-TERM RENTAL METRICS
SOURCE: KEY DATA DASHBOARD – AIRbnb, VRBO NEWPORT BEACH SHORT-TERM RENTALS DAILY ADR BY DAY OF WEEK (WEEKS OF JANUARY 22, 2023 – FEBRUARY 12, 2023) NEWPORT BEACH SHORT-TERM RENTALS MONTHLY REVPAR (YEAR - OVER - YEAR COMPARISON FOR 2023, 2022 & 2021) NEWPORT BEACH SHORT-TERM RENTAL WEEKLY OCCUPANCY (2022 vs. 2021)
WEEKLY ADR REVPAR BY MONTH 48.1% 54.1% 34.0% 30.8% 33.5% 32.0% 34.6% 35.3% 39.3% 28.1% 34.6% 46.8% 33.7% 34.1% 30.4% 31.9% 33.2% 35.0% 40.0% 0 90 35.5% FEB 05 FEB 12 JAN 29 DEC 25 JAN 15 JAN 22 JAN 01 DEC 18 DEC 11 JAN 08 2022 2021 $163.05 $165.88 $185.40 $252.52 $302.18 $196.77 $198.33 $220.18 $257.02 $261.72 $185.43 $176.72 $188.93 $163.45 150 300 400 450 250 100 350 $266.55 JUL JUN AUG SEP $156.73 MAY $137.18 $418.19 FEB $186.77 $123.80 OCT APR MAR NOV $190.65 DEC $238.19 JAN $307.81 $347.86 $233.43 2023 2022 2021 WEEKLY OCCUPANCY $369.86 $369.46 $401.73 $415.95 $353.98 $366.02 $394.29 $399.91 $366.47 $357.18 $402.39 $392.84 $374.57 $355.76 $393.05 $400.27 $379.18 $386.41 $404.05 $443.18 $389.98 $395.03 $418.04 $466.99 $392.63 $400.93 $429.66 $457.47 FEB 05 - FEB 11 JAN 29 - FEB 04 JAN 22 - JAN 28 FEB 12 - FEB 18 2023 v 2022
SOURCE: STR, KEY DATA DASHBOARD NEWPORT BEACH SHORT-TERM RENTALS VS. HOTELS 2022 & 2023 WEEKLY ADR NEWPORT BEACH SHORT-TERM RENTALS VS. HOTELS 2022 & 2023 WEEKLY REVPAR NEWPORT BEACH SHORT-TERM RENTALS VS. HOTELS 2022 & 2023 WEEKLY OCCUPANCY FEBRUARY 24, 2023, WEEKLY REPORT NEWPORT
METRICS WEEKLY 62.8% 41.1% 54.9% 40.3% 54.9% 56.0% 65.1% 67.6% 67.1% 64.6% 28.1% 34.6% 46.8% 33.7% 34.1% 30.4% 31.9% 33.2% 35.0% 40.0% 0 100 JAN 29 JAN 15 FEB 05 DEC 18 JAN 01 DEC 11 DEC 25 JAN 22 FEB 12 JAN 08 SHORT-TERM RENTAL HOTEL $322.29$362.84 $408.33 $294.73 $291.73 $284.33 $307.97 $296.01 $308.66 $309.72 $559.44 $631.51 $406.95 $408.99 $375.23 $375.82 $406.17 $425.23 0 850 $483.09 FEB 12 JAN 29 JAN 15 JAN 01 FEB 05 DEC 25 $443.41 JAN 22 JAN 08 DEC 18 DEC 11 HOTEL SHORT-TERM RENTAL WEEKLY OCCUPANCY RATE WEEKLY ADR WEEKLY REVPAR $202.45 $149.11 $118.87 $160.25 $159.34 $200.62 $200.24 $206.99 $200.06 $126.07 $295.45 $127.72 $124.81 $120.24 $125.60 $142.43 $172.59 0 400 JAN 22 JAN 15 JAN 08 $164.09 DEC 18 DEC 25 FEB 05 $224.28 JAN 29 $196.52 FEB 12 JAN 01 DEC 11 HOTEL SHORT-TERM RENTAL 2023 2023 2023
BEACH & COMPANY SHORT-TERM RENTALS VS. HOTELS
SOURCE: STR, KEY DATA DASHBOARD NEWPORT BEACH SHORT-TERM RENTALS VS. HOTELS 2023 MONTHLY ADR NEWPORT BEACH SHORT-TERM RENTALS VS. HOTELS 2023 MONTHLY REVPAR NEWPORT BEACH SHORT-TERM RENTALS VS. HOTELS 2023 MONTHLY OCCUPANCY FEBRUARY 24, 2023, WEEKLY REPORT NEWPORT BEACH & COMPANY
RENTALS VS. HOTELS METRICS MONTHLY 54.9% 31.4% 37.9% 0 100 DEC NOV OCT AUG JUL JAN JUN SEP MAY APR FEB MAR SHORT-TERM RENTAL HOTEL $297.60 $418.55 $415.47 0 850 OCT AUG JUL MAY APR MAR DEC NOV SEP FEB JUN JAN SHORT-TERM RENTAL HOTEL MONTHLY OCCUPANCY RATE MONTHLY ADR $163.45 $131.37 $157.84 0 450 NOV SEP MAY APR OCT MAR DEC FEB JUL AUG JAN JUN SHORT-TERM RENTAL HOTEL MONTHLY REVPAR
SHORT-TERM
FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY RESTAURANT METRICS
CALIFORNIA & LA DAILY SEATED DINERS FROM ONLINE, PHONE OR WALK-IN
% OF CALIFORNIA & LA RESTAURANTS OPEN FOR RESERVATIONS BY WEEK
SOURCE: OPENTABLE.COM 19.0% -6.0% -3.0% -5.0% 119.0% 0.0% 9.0% 20.0% 33.0% 44.0% -25.0% -15.0% -19.0% -32.0% -44.0% -1.0% -10.0% -1.0% 19.0% 4.0% -18.0% 10.0% -8.0% 6.0% TUE FEB 21 SAT FEB 18 FRI FEB 17 MON FEB 20 THU FEB 16 SUN FEB 19 WED FEB 15 SUN FEB 12 SAT FEB 11 MON FEB 13 -4.0% THU FEB 09 -8.0% WED FEB 08 FRI FEB 10 -33.0% TUE FEB 07 -11.0% SUN FEB 05 -19.0% -11.0% 23.0% -48.0% -13.0% 106.0% MON FEB 06 TUE FEB 14 LOS ANGELES CALIFORNIA 94.0% 88.0% 87.0% 89.0% 91.0% 92.0% 92.0% 90.0% 91.0% 75.0% 83.0% 85.0% 84.0% 85.0% 86.0% 88.0% 89.0% 75 80 85 90 95 FEB 15 FEB 08 JAN 18 JAN 11 JAN 04 FEB 01 JAN 25 78.0% DEC 21 DEC 14 88.0% DEC 28 82.0% LOS ANGELES CALIFORNIA DINERS: DAILY OPEN RESTAURANTS SOURCE: OPENTABLE.COM
FEBRUARY 24, 2023, WEEKLY REPORT
NEWPORT BEACH & COMPANY COMPETITIVE CITY METRICS AND EVENTS
NEWPORT BEACH HOTELS COMPETITIVE CITIES FOR JANUARY 2023 (AVERAGE MONTHLY HOTEL RATE & MONTHLY OCCUPANCY RATE FOR JANUARY 2023)
SAN DIEGO
FEBRUARY - APRIL 2023
• 02/25: SELTZERLAND – A HARD SELTZER
TASTING FESTIVAL
• 02/01 – 02/28: MUSEUM MONTH
• 02/01 – 02/28: SENIORS FREE AT THE SAN DIEGO ZOO SAFARI PARK
• 03/31 – 04/02: SAN DIEGO CREW CLASSIC
LOS ANGELES
FEBRUARY 2023
• 02/25: BOB BAKER DAY
SPRINGS FEBRUARY 2023
• FREE THURSDAYS: NIGHTS AT THE MUSEUM
SANTA BARBARA
FEBRUARY - MARCH 2023
• 03/02 – 03/04: WORLD OF PINOT NOIR
• 03/10 – 03/12: SANTA BARBARA
INTERNAITONAL ORCHID SHOW
HUNTINGTON BEACH APRIL 2023
• 04/01: SOCAL CORGI BEACH DAY
• ALL OF APRIL: JACK’S SURFBOARDS PRO
SOURCE: STR $297.60 $219.86 $338.81 $263.97 $733.91 $206.94 $364.69 54.9% 54.6% 64.2% 46.8% 64.5% 57.5% 51.4% 63.0% 59.8% 62.5% 29 37 30 200 330 500 630 $196.99 SANTA MONICA PALM SPRINGS BEVERLY HILLS $179.97 55.7% LA JOLLA IRVINE $179.44 DANA POINT SANTA BARBARA $184.12 HUNTINGTON BEACH ANAHEIM NEWPORT BEACH SAN DIEGO AVERAGE DAILY RATE ($) OCCUPANCY RATE (%)
PALM