Rising Markets, Popular Spring Break Destinations, And More! | Episode 24 | STR Data Lab™ by AirDNA

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February was just about 13 million nights,

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which if you had been keeping track,

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this is the lowest level

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in the past year.

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Do you want to talk about

some of the crazy stuff

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that happened?

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The countdown has started.

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Jamie Lane

We are going to challenge ourselves

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to make this the most snackable

episode ever for people today.

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How does that sound?

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The short term rental industry,

the economy, spring break

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and everything in between all the way

and then 30 minutes.

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Is that what you're talking about?

That's what I'm talking about, baby.

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Listen, people are busy.

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And also people have

spring break vacations to get to sleep.

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We got to make this easy for them.

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This is like

this needs to be like a commute distance.

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You know, I mean, like a nice little

package for you, our lovely audience.

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Oh, it's been a minute

since we've been together,

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so I'm just happy

that we're recording the two of us.

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Yeah. So it's.

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It's. It's been a little while.

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We've had some some great guests

on the podcast recently.

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Just in conferences, recently talking

with clients, getting out and about.

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But, and it's been maybe a little bit

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of a wild couple months

in the industry and the economy. A

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But it's

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I think like we were talking about

acceleration, like it's just go, go, go.

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That's the theme.

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Yeah, thanks. It's it accelerated.

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Things have escalated.

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I don't know.

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Well, wasn't anything in the news

last week.

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I mean, like nothing interesting

to read about.

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The other thing I wanted to start doing

at the beginning of the episodes,

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I probably should have mentioned it

is is any juicing ourselves again

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and for our listeners.

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So for those of you who don't know,

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I am Jamie Laing, VP of Research at rDNA.

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Oh, I love this.

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And yes,

I mean audience, we don't prepare.

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This is just a very authentic podcast.

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I, I am Mariah Carey.

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I am Jamie Lane's faithful sidekick.

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But in addition to that, and mostly here

for the laughs, I am also the V.P.

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of marketing.

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I do have a serious day job.

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But this is this is my fun time.

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So, yeah,

I don't want to talk about the hot girl.

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But I do want to talk about

what's going on in the industry. So.

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Well, let's.

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Hey, we're on the clock.

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All right, So let's talk about it.

You mentioned it.

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You're like, what is what is it?

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What is demand looking like?

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What does the future hold for us?

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Jamie Lynn. Help.

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So for those of you

that have been following along,

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I am we talk about sort of night stayed.

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Yeah February

was just about 13 million nights

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which if you had been keeping track

this is the lowest level

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in the past year but not to worry

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the year is is typically the weakest month

for demand during the year.

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I don't know about you,

but it is a little chilly here

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today in Atlanta.

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Wind and we have seen some wild weather

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around the country

that has been sort of messing with

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demand patterns,

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record snow in certain parts of the

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the West.

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I've seen photos of

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just scary is getting dumped in and people

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getting sort of buried in their homes

right now.

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And obviously, in some ways

that's great for for skiers.

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In other ways, it's it's

terrible for people actually trying to get

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to those rentals

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to actually go on their trips there.

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You know,

some very weak snow out we out east.

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I'm impacting different areas there.

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Maybe some some cooler than expected

wet weather in certain

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beach markets.

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So I'm some ups and downs.

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But overall demand was was still up

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year over year, up 18% in February.

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So we're still sort of riding

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the wave of of highs off of all the supply

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that's come on to the industry

over the past year.

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We've also continued the almost year

long decline in in occupancy.

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So occupancy was for down further 1.8%.

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And in February,

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that is a theme that we expect to continue

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on new listings

by continuing to sort of surprise

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to the upside available listings, up

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26% year over year. Wow.

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Which was a bit of an acceleration

from anyway.

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And man, it kills me to see that am great

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that people are continued

to invest Yeah in the market

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that we see

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new listings continue to come online.

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When we look back to last year

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March April, May was when we really saw

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the surge that sort of led

to an all the supply growth

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that we reported throughout 2022

very soon.

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It's going to be really interesting

as we sort of head into those months of

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do we sort of meet those levels,

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do we exceed them,

Do we start to come down?

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My expectation

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has and I think, well, we'll

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continue to be that

it starts to come down,

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but every single month

I keep getting surprised to the upside.

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Yeah, in terms of supply growth,

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we're going to be releasing

some updated forecasts.

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I'll probably

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talk about them on on the podcast

next month,

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but we'll be up upping our forecast

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for 2022 or 2023.

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For supply growth, we were at 9%,

I suspect were north of 12% for the year

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when those updated numbers come out.

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So it's yeah, it's

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and that that just makes it

that much harder

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when we look at

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how much demand our industry can

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absorb absorb. Yeah.

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And how big those occupancy declines

might be.

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So far the past few months

we've been averaging out around that 2%.

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Mark right of decline month over month.

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Yeah.

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And we're there in the summer.

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We're down 10%.

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I don't expect that we get back to the

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I'm see further 10% declines

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this summer

but I'm definitely further declines

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as we look out over the over

the next year.

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We love it.

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Well that is thank you.

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That was such a good succinct update.

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Couple of couple of key takeaways

there for me.

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Like you said

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in the

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last 11 months, it's the lowest

it's ever been for demand.

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That said, it's it's a short month,

only 28 days.

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And, you know, people

probably are kind of saving it,

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which we're going to talk about

in a minute for some spring travel.

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But you also mentioned the 1.8%,

I think, down for occupancy.

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And is that February

20, 22 versus February 20, 23?

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You'll love it.

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Well, Jamie, that was that's

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a good update and I love that

we're reserving the right to reforecast.

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We're like,

listen, we'll keep you updated.

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Things are changing.

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Do you think some of that supply

listing growth that maybe was a little bit

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more unexpected?

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I'm just thinking about how long it takes

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for somebody to get their property online.

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Like,

is it possible that that knock on effect

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is just sort of delayed a few months

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as people

that maybe purchased back in December

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are now finally getting their properties

online and up and running?

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And there's some of that

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I'm definitely.

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But what I think

and the theory I'm working with now on on

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why supply growth continues to sort of

move up is just

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and if you remember back to 2021

or maybe early 2022,

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there was just so many homes

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being bought, homes

being bought right home.

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And maybe you bought that second home

with the idea of

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I definitely want to use it in 2021, 2022

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for working remote and now with things

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I got it at maybe a two and a half,

3% interest rate.

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Yeah.

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Now things may be going back to normal

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for an office environment.

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Now considering like, hey,

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I'm short term

rental revenues are still and very strong

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and we I'm sort of

and that persistence at the peak

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we're still staying

and 30 40% higher than 2019 levels

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in terms of earning potential know

that there's real opportunity out there

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and people are maybe bringing those homes

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that they bought in prior year

and now deciding to to list them,

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which I know

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there there's 6,000,002nd homes out there

this year.

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And only 1.5 million.

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I'm listed on Airbnb in verbal in the U.S.

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So there's a huge state of supply

of available homes

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that could be listed on

any given day is regardless

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of what's happening in the investment

market of people sort of buying homes

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specifically to list on on

in the short term rental industry.

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All right.

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I love it. Well,

that was a good breakdown.

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And again, just for folks

that was a 34% persistence

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at the peak, 34% in increase in revenue.

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Was that what it was, Jamie?

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Is it 30?

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And we're I think 30, 40% higher 30.

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So somewhere around there and revenue

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today

on a per available listing then back in

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2019 and

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that and to show two

and I thought you were going to ask this

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like with the occupancy declines

like we're still higher than 2019 levels.

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So that sort of an indexing off the highs

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we're still in and February is the lowest.

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And so we're only two and a half percent

higher than 2019.

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We didn't get that much higher in 2021,

2022.

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And February is just not the month

where you're going to really accelerate

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or produce a whole lot more people

to start traveling.

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Just and given

the weather around the country.

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Yeah. Yeah. No, that makes sense.

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And a thank you for calling me out on

not asking that question.

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Pop up.

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Always the optimist that you are where I.

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Know I think

but it's so important for folks right?

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Like what's really to contextualize

what's declining versus

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like just slow and steady growth

right now.

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Okay, perfect.

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Well,

you all you and I both again, just because

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we also probably are dreaming of

the beach, want to talk a little bit about

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the economy and like spring break

and all that stuff.

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I think we

I think we agreed to the economy first.

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Again, guys, we prepare.

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I swear we prepare for this podcast.

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Do you want to talk about

some of the crazy stuff that happened?

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Yeah, last minute.

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So I'll last week as we're

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recording over the weekend,

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but maybe I'll start with just

some of the headline economic figures.

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Love it because

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and that's where my head immediately

goes as I'm like

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it are not in the consumer economy.

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Discretionary spending that happens in

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our industry is

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really dependent

on people maintaining jobs

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through further job

growth happening and people

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having the wages and discretionary

income to spend on travel.

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So and two metrics I'm still covering, I'm

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monitoring most closely job growth.

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Job growth has been amazing over the past

two months, right?

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I'm 517,000 new jobs in January,

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311,000 new jobs in February

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almost, and maybe too strong.

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And so

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I'm up until last week

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and expectations

and sort of the market was

00:13:07:25 - 00:13:12:15

and we are going to go from raising

the Fed, raising rates of 25 basis points

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and sort of maybe re accelerating rate

00:13:15:16 - 00:13:21:06

growth up to 50 basis points

while given the sort of really strong

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job numbers, still persistently

high inflation, we saw point

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5% month over month in January and CPI

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point 4% month over month in February.

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And we're still seeing a deceleration

in your over your growth.

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Overall, we were only at 6%

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headline inflation in February,

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which is down, down significantly

from what we were seeing over the summer.

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Right.

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It's still looking like we could

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get to 3% by the end of the year.

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So I think we're still sort of

but according

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to script for what we want to see,

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but we're sort of wavering

and that I'm it's not decelerating.

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Decelerating maybe at the rate that we had

seen, but I'm in November, December

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and worrying the Fed a bit

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but then sort of

that was all maybe thrown out the window

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a bit with the collapse of Silicon

Valley bank.

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Now that what I was alluding to which.

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Yeah but

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over the over the weekend

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the sort of Fed and Treasury

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sort of stepping

in, the FDIC taking over those banks,

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deciding to sort of backstop

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those deposits, making sure

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all those depositors were fully in share

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insured and having access to their money.

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Really, we hadn't seen a bank fail.

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Yeah.

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In in years.

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And Silicon Valley Bank

was the second largest bank failure we had

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we had ever seen,

second only to Washington

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Mutual back in 2008. So

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and economists

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will debate debate and are debating

00:15:19:11 - 00:15:24:01

whether or not it was necessary to prevent

sort of further contagion

00:15:24:24 - 00:15:27:20

in the regional sort of bank markets.

00:15:27:20 - 00:15:30:09

I think it was a great move

personally by the Fed

00:15:30:27 - 00:15:33:13

and the Treasury

to come in and sort of stop

00:15:34:11 - 00:15:35:26

further

00:15:37:07 - 00:15:39:17

and what could have been a crisis

00:15:40:13 - 00:15:45:01

in the banking market sort of spreading

further into the overall economy.

00:15:45:25 - 00:15:50:22

And it would have been a really tough spot

00:15:50:22 - 00:15:54:10

for the Fed to be in

if we had a full on banking crisis.

00:15:54:10 - 00:15:57:21

All the while rightfully,

it's still sort of

00:15:58:12 - 00:16:01:01

well above where we want it to be

00:16:01:01 - 00:16:04:26

because and the Fed wouldn't

necessarily have their tool

00:16:04:26 - 00:16:08:20

of lowering interest rates

to prop up these banks

00:16:08:20 - 00:16:11:26

to promote

00:16:11:28 - 00:16:14:22

more economic activity,

given that they're sort of

00:16:14:22 - 00:16:17:25

tightening interest rates

and wanting to slow economic activity.

00:16:17:25 - 00:16:21:05

So in the right move, in my opinion,

00:16:21:24 - 00:16:24:26

and one will look back

and and be happy that they did.

00:16:25:12 - 00:16:26:25

A lot a lot of levers.

00:16:26:25 - 00:16:29:09

They're right

lots of lots of balancing acts.

00:16:29:09 - 00:16:29:28

But thank you.

00:16:29:28 - 00:16:33:21

I always love when you remind us

what those metrics are that we should be

00:16:33:21 - 00:16:37:14

paying attention to for demand

and everything else with the economy.

00:16:37:14 - 00:16:39:11

That was a great synopsis.

00:16:39:11 - 00:16:43:25

I should challenge you to do

these things more often quickly. But

00:16:44:28 - 00:16:46:09

I can and

00:16:46:09 - 00:16:49:17

I know

we're going to jump into spring break, but

00:16:49:21 - 00:16:54:00

maybe one of the overall industry metrics

that I didn't mention, that is,

00:16:54:17 - 00:16:59:06

and our listeners will know

is my favorite guys.

00:16:59:06 - 00:17:01:03

Everybody, this is a quiz.

00:17:01:03 - 00:17:02:24

Remember what Jamie's favorite is?

00:17:02:24 - 00:17:04:19

Me to retail.

00:17:04:23 - 00:17:06:12

Is nights booked.

00:17:06:12 - 00:17:11:01

So how many reservation nights

were made during the month of February?

00:17:11:28 - 00:17:13:21

Comparing back to last February?

00:17:13:21 - 00:17:16:01

So in our metric of

00:17:18:05 - 00:17:21:10

sort of booking activity

and that's for future dates

00:17:21:10 - 00:17:28:06

not stays happening in February

and during February that was up 14.8%.

00:17:28:06 - 00:17:32:15

So maybe a slight deceleration

from January,

00:17:33:06 - 00:17:35:25

but I'm very much

00:17:36:26 - 00:17:40:08

in the bull's eye of what

we want to be seeing to sort of

00:17:40:28 - 00:17:45:09

and keeping up with and the sort of strong

level of supply growth rate

00:17:45:28 - 00:17:51:00

still introducing some

some declines and in occupancy. But

00:17:52:00 - 00:17:54:00

and broadly a good number.

00:17:54:22 - 00:17:59:11

So number sort of teased us up for I'm a

00:18:01:14 - 00:18:03:22

a good spring break

00:18:03:22 - 00:18:06:25

as a lot of those

and most of those bookings being made

00:18:07:05 - 00:18:10:25

in February

are for March and April travel.

00:18:10:25 - 00:18:13:17

So people gearing up for spring break

00:18:14:10 - 00:18:19:12

And I'm broadly it's it's

it's looking like it's

00:18:19:12 - 00:18:23:19

going to be a healthy spring break season

for most markets around the country.

00:18:23:21 - 00:18:25:19

I love that. Well, I love that.

00:18:25:19 - 00:18:29:29

Where where is it healthiest, Jamilla and

where where where are the people going?

00:18:29:29 - 00:18:31:08

I need to know where not to go now.

00:18:31:08 - 00:18:33:23

Can I?

00:18:33:23 - 00:18:37:13

So if you want to avoid the crowds, huh?

00:18:38:29 - 00:18:42:15

I'm I don't think it's maybe

00:18:44:15 - 00:18:47:00

a surprise to say

00:18:47:00 - 00:18:49:18

don't go to Disney during spring break.

00:18:49:18 - 00:18:52:07

Weird year.

00:18:52:07 - 00:18:53:22

Right? Right.

00:18:53:22 - 00:18:58:20

There are a lot of people planning

on going to Orlando.

00:18:59:13 - 00:18:59:24

It is.

00:18:59:24 - 00:19:06:06

There are top spring break market

sort of the Orlando Kissimmee area number

00:19:06:06 - 00:19:10:08

two, Phenix, Scottsdale, a big market

00:19:10:08 - 00:19:14:06

for spring spring training base. Not

00:19:17:11 - 00:19:19:01

I I've talked about this before.

00:19:19:01 - 00:19:21:02

I have to get spend

a spring training next year.

00:19:21:02 - 00:19:24:27

My husband, who you've heard of here,

honey, I'll get you there next year,

00:19:24:27 - 00:19:28:01

I promise.

00:19:28:01 - 00:19:31:25

So that was actually one of our strongest

demand growth markets due

00:19:31:25 - 00:19:36:22

to demand in Phenix, up almost 40%

for spring break travel year over year.

00:19:36:23 - 00:19:37:26

Crazy

00:19:39:00 - 00:19:40:25

Gatlinburg

00:19:41:15 - 00:19:44:01

coming in at number three,

sort of Gatlinburg Pigeon

00:19:44:01 - 00:19:47:04

Forge market demand up 17% year over year

00:19:48:09 - 00:19:50:16

and then rounding out the top five

00:19:50:16 - 00:19:55:01

sort of are some of the most popular

beach markets, Panama City

00:19:55:18 - 00:19:58:26

and Miami down in Florida.

00:19:58:26 - 00:20:00:20

Further growth there.

00:20:00:20 - 00:20:06:03

Miami while straw and number

00:20:06:03 - 00:20:10:15

45 market for spring break demand

only up 3%.

00:20:10:15 - 00:20:14:15

Their market had seen a lot of new supply

coming in Ryan Young overseas

00:20:14:24 - 00:20:17:18

seeing some pretty significant year

over year

00:20:17:18 - 00:20:21:01

declines

in occupancy and revenue per listing.

00:20:21:01 - 00:20:24:24

So great to see that

they're sort of maintaining that demand

00:20:25:11 - 00:20:28:20

but maybe not as much growth

that they'd like to see

00:20:28:20 - 00:20:31:24

in demand given how much new supply

that's coming into that market.

00:20:32:02 - 00:20:34:05

Now, That makes a lot of sense.

00:20:34:05 - 00:20:34:15

All right.

00:20:34:15 - 00:20:35:28

Well, good. All places.

00:20:35:28 - 00:20:37:23

I will avoid for spring break. That's

00:20:39:07 - 00:20:39:28

done and done.

00:20:39:28 - 00:20:42:17

I need I need a nice like

00:20:42:17 - 00:20:43:21

off the beat.

00:20:43:21 - 00:20:44:26

No problem with the only one.

00:20:44:26 - 00:20:47:18

Especially if you're

looking for a new market to invest in

00:20:48:05 - 00:20:51:20

sake just up and coming,

you know, like a little rising star.

00:20:52:14 - 00:20:56:24

And I think we talked about enough

of those sort of rising stars

00:20:57:12 - 00:21:00:25

last market

why for for best places to invest.

00:21:00:28 - 00:21:03:28

That I promise

I wasn't trying to make you do best places

00:21:03:28 - 00:21:05:10

to invest plug.

00:21:07:01 - 00:21:10:07

Yeah I mean some of the maybe

00:21:11:07 - 00:21:13:14

rising star markets for growth

00:21:14:02 - 00:21:16:19

if if maybe that's what you're hinting to.

00:21:16:19 - 00:21:19:19

What I was see.

00:21:21:12 - 00:21:22:13

Many of them,

00:21:22:13 - 00:21:26:12

like Phenix,

are in some of the larger cities so Jersey

00:21:26:25 - 00:21:29:24

City, Newark area, their fastest

00:21:29:24 - 00:21:33:15

growing market for spring break.

00:21:33:15 - 00:21:36:18

Not a ton of people

going there for spring break, similar

00:21:36:18 - 00:21:39:23

to Minneapolis, which was number three.

00:21:40:13 - 00:21:43:07

Chicago coming in at number five.

00:21:43:07 - 00:21:45:21

So Hamptons, they're number four.

00:21:45:21 - 00:21:48:14

So some decent growth

00:21:48:29 - 00:21:52:21

in some of the larger cities

as urban travel comes back.

00:21:52:21 - 00:21:53:08

Yeah.

00:21:53:09 - 00:21:56:20

Are some of the cities

that it saw some of the strongest

00:21:58:06 - 00:22:00:12

ADR growth too so

00:22:00:12 - 00:22:03:10

Boston DC

00:22:04:28 - 00:22:08:04

seeing over 15% ADR growth for

00:22:09:25 - 00:22:10:14

spring break.

00:22:10:14 - 00:22:14:17

So finally, some of those big cities

getting pricing power back,

00:22:14:29 - 00:22:17:08

you know, to capitalize on on

00:22:17:26 - 00:22:21:14

both domestic and international travel

coming back to these cities.

00:22:21:22 - 00:22:22:17

100%.

00:22:22:17 - 00:22:26:18

Yeah,

those are some places I'd go to for sure.

00:22:26:18 - 00:22:29:27

Maybe not Chicago only because it's cold

until like June there.

00:22:29:27 - 00:22:32:01

But anyway, I digress.

00:22:32:19 - 00:22:33:13

All right.

00:22:33:28 - 00:22:34:12

Goodness.

00:22:34:12 - 00:22:36:28

We covered so much.

00:22:38:06 - 00:22:38:23

Did we?

00:22:38:23 - 00:22:40:13

What do we what did we miss?

00:22:40:13 - 00:22:43:02

I think we were

we overindexed on speed. It

00:22:45:14 - 00:22:49:04

I, I will say and I did

00:22:49:04 - 00:22:52:25

we talked a bit about

and my concern about supply.

00:22:52:25 - 00:22:53:06

Yeah.

00:22:53:10 - 00:22:55:27

How we've seen a a reacceleration

00:22:57:25 - 00:23:00:17

maybe give some caveat to that because

00:23:02:05 - 00:23:06:04

that's something that and is playing out

differently across the country.

00:23:06:05 - 00:23:08:05

Very very very good point.

00:23:08:23 - 00:23:13:26

We are seeing a D celebration

and further deceleration

00:23:13:26 - 00:23:17:22

in supply growth and a lot of the

coastal and mountain markets,

00:23:18:20 - 00:23:19:20

those are some of the areas

00:23:19:20 - 00:23:22:22

that have been hit hardest

in terms of the occupancy declines.

00:23:22:22 - 00:23:25:08

Right thing

00:23:25:08 - 00:23:27:12

and year over year declines

00:23:27:12 - 00:23:30:29

in revenue per available listing.

00:23:30:29 - 00:23:34:14

And those are ones

where we're clearly seeing

00:23:36:06 - 00:23:38:13

a deceleration and listing growth,

00:23:38:13 - 00:23:41:00

which I think is going to be

00:23:42:17 - 00:23:45:03

helpful for people

operating those markets.

00:23:45:03 - 00:23:49:22

Definitely that we're not seeing

further investment into it right now,

00:23:49:22 - 00:23:54:01

giving giving those markets

some time to absorb all the supply

00:23:54:01 - 00:23:57:18

that's come in.

00:23:57:18 - 00:24:02:23

We are seeing further acceleration though,

in some of the urban suburban,

00:24:02:23 - 00:24:07:26

some of the midsize and still in the small

city are rural areas around the country.

00:24:08:11 - 00:24:10:15

So that's where

00:24:10:15 - 00:24:13:03

if you're operating an urban,

00:24:13:03 - 00:24:15:25

it is broadly getting absorbed, though.

00:24:15:25 - 00:24:18:26

And this winter and winter is tough with

00:24:20:17 - 00:24:20:28

urban

00:24:20:28 - 00:24:23:23

areas because demand's not great, right?

00:24:24:06 - 00:24:27:15

As you said,

not really looking to go to Chicago.

00:24:28:14 - 00:24:30:16

Chicago, Chicago.

00:24:31:03 - 00:24:31:26

Yeah.

00:24:32:13 - 00:24:35:00

And many of those markets sort of are

00:24:35:10 - 00:24:40:14

propped up in the spring, summer of fall

as people are sort of

00:24:40:26 - 00:24:44:29

traveling to the cities, visiting friends

and relatives.

00:24:44:29 - 00:24:48:04

They do see the benefit of sort of longer

term travel.

00:24:48:18 - 00:24:50:26

So those days, 28 days are longer.

00:24:51:26 - 00:24:54:13

Really big benefit once we get into

00:24:55:12 - 00:24:57:16

sort of broadly

00:24:58:00 - 00:24:59:02

migration season.

00:24:59:02 - 00:25:02:02

Is that what you call it

when people start moving off?

00:25:03:00 - 00:25:05:00

You? Snowbirds like the people.

00:25:05:00 - 00:25:09:15

Know saying like, if I was going to move

to Denver, like, oh, typically

00:25:09:15 - 00:25:12:12

don't do it during the school year

doing winter, right?

00:25:12:18 - 00:25:15:03

Summer over the summer, Yeah.

00:25:15:03 - 00:25:20:14

So as people start to move, short term

rentals are being used more and more for

00:25:20:23 - 00:25:24:15

for temporary housing, things like that.

00:25:24:15 - 00:25:28:13

So that can be a big benefit

for the urban areas during during spring

00:25:28:13 - 00:25:30:27

summer periods. I love this.

This is great.

00:25:30:27 - 00:25:33:16

Well that was some excellent knowledge

you just dropped on us.

00:25:33:25 - 00:25:34:10

I think it's right.

00:25:34:10 - 00:25:35:03

I mean, like,

00:25:35:03 - 00:25:37:16

you know, I'm always struck

by the nuance of the business

00:25:37:16 - 00:25:39:28

and how much is kind of goes

back to your strategy, Right.

00:25:39:28 - 00:25:43:19

So like, yeah, great to see that

there's some relief in some of the more

00:25:44:08 - 00:25:47:19

popular destination areas

potentially as folks decide that

00:25:47:19 - 00:25:51:15

that might not be the best place

for them to start their business.

00:25:51:15 - 00:25:53:23

And then in those areas

where supply is growing,

00:25:53:23 - 00:25:55:20

I think it feels like

definitely an opportunity

00:25:55:20 - 00:25:57:23

if you are in that market

or even if you're thinking about going in

00:25:57:23 - 00:26:01:08

that market is to get in early

with a good competitive advantage.

00:26:01:08 - 00:26:04:26

As always, we've talked a lot and we'll

talk more about it, I think, soon,

00:26:05:13 - 00:26:08:00

how important the star ratings are

and just doubling down on that

00:26:08:00 - 00:26:10:29

guest experience, making sure that you're

standing out in the crowd.

00:26:11:29 - 00:26:13:06

And then I had a great

00:26:13:06 - 00:26:15:29

interview the other day with Kirby Atwell,

00:26:17:04 - 00:26:19:20

and he was talking about

I mean, his strategy is completely

00:26:19:20 - 00:26:20:27

different from so many, right?

00:26:20:27 - 00:26:23:22

He's just finding markets

where there's slow and steady demand.

00:26:24:01 - 00:26:27:04

And to your point, it's not just about

like, hey, I wanted to go to the beach.

00:26:27:04 - 00:26:30:24

It's like, you know, it's a college town

where people are visiting or is there just

00:26:30:25 - 00:26:35:01

a couple little draws or he's

getting people that are moving in the mix.

00:26:35:01 - 00:26:36:27

So just a reminder to folks,

00:26:36:27 - 00:26:40:05

there's a whole bunch of different ways

that you can do this that fits with what

00:26:40:05 - 00:26:45:00

sort of you are expecting to get out of it

in terms of strategy and approach.

00:26:46:02 - 00:26:48:02

And let's let's talk more about that

00:26:48:02 - 00:26:51:10

next time, Jamie, because again, the

the mandate for this episode was

00:26:52:16 - 00:26:55:23

short and snackable short and snackable

an alliteration.

00:26:55:23 - 00:26:58:01

You know how I like those.

00:26:59:08 - 00:27:01:18

Well, it's it's been a pleasure, Brian,

as always.

00:27:02:00 - 00:27:04:10

Yes. It's

so great to catch up with you, as always.

00:27:04:22 - 00:27:07:15

And I'm sure we'll see

you on the road again soon.