Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Visit McKinney: August hotel occupancy up; HOT collections on track to top $3.3 million
Summary
Assistant Director Alicia Holmberg reported Aug. hotel occupancy was up nearly 8% year-over-year, McKinney’s August occupancy was about 70%, and year-to-date hotel occupancy tax collections were tracking toward $3.3 million.
Alicia Holmberg, assistant director for Visit McKinney, presented the organization’s finance report at the Oct. 28 board meeting, delivering August data reported in arrears.
Holmberg said August showed strong performance, with hotel occupancy up almost 8% compared with the same month last year. She reported that, at that point in the fiscal year, Visit McKinney was about 92% through the fiscal year and on target for spending. Year-to-date hotel occupancy tax (HOT) collections were expected to exceed $3,300,000 when September reporting closed.
Holmberg also noted the Star report ranking: McKinney’s occupancy for August was roughly 70%, which exceeded several comparable cities (Georgetown, Allen, Plano, Frisco) by about 6 to 11 percentage points. She said average daily rate (ADR) for August was about $95–$96 and that ADR lags some competitor cities even though occupancy is stronger.
Holmberg said the Finance Committee did not meet in October because committee membership was in flux and that committee meetings will resume the next month. No formal budget actions or appropriations were taken at this meeting.
