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CABARR US COUNTY TO URISM A UTHORITY <br /> d/b/a CABARR US CO UNTY CONVENTION AND VISITORS B UREA U <br /> MANAGEMENT'S DISCUSSIONAND ANALYSIS <br /> June 30, 2016 <br /> Economic Factors and Next Year's Budgets <br /> The following key economic indicators reflect the growth and prosperity of the travel industry in <br /> Cabarrus County. <br /> • Room Demand. Cabarrus County continues to set room demand occupancy records. In calendar 2015 <br /> hotel Occupancy was 65.5%. <br /> • Average Daily Rate. Cabarrus County continues to set Average Daily Rate records. In calendar 2016 <br /> Average Daily Rate was $100.28. <br /> • Visitor mix. The strength of Cabarrus County's room demand lies in its ability to have a diverse visitor <br /> mix of leisure travelers, corporate travel, and group travel. Each segment represents about 1/3 of the total <br /> visitation. Cabarrus County is conveniently located along I-85 and its access to Charlotte makes it <br /> attractive to corporate travel. <br /> Budget Highlights for the Fiscal Year Ending June 30,2017 <br /> Occupancy Taxes are expected to increase to $5,462,223. This increase is due to an analysis of hotel Occupancy <br /> and Average Daily Rates. Room Demand is expected to increase by 5% as 2 new hotel properties under <br /> construction will come online. Homewood Suites anticipates an opening of December 2016, while Uptown Suites <br /> anticipates an opening of January 2017. Over the last 2 calendar years 2014-2015 hotel revenue has increased by <br /> 15.6% and 7.6%respectively. <br /> The Bureau has hired marketing agency EMA, Eric Mower and Associates. Marketing has budgeted $1,200,000 <br /> to work with this new agency to increase overall awareness and expansion of the brand. <br /> Capital Outlay expenses are not budgeted and any fixed assets to be purchased will be voted on and approved by <br /> the full Board to be appropriated through Tourism Capital Reserves, <br /> Requests for Information <br /> This report is designed to provide an overview of the Bureau's finances for those with an interest in this area. <br /> Questions concerning any of the information found in this report or requests for additional information should be <br /> directed to the Finance Director, Cabarrus County Convention and Visitors Bureau, 10099 Weddington Rd Ste <br /> 102, Concord, NC 28027. <br /> Page 10 <br /> Attachment number 1 \n <br /> 1-5 Page 153 <br />