The following charts the number of
empty hotel rooms at WDW and DLR. (Keep in mind that WDW has nearly 90% of domestic room inventory, so this number really is about what's happening at WDW.)
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WDW & DLR had more empty hotel rooms in 2013 than they did in the post-9/11 economy. For a management team with a laser-like focus on optimizing operations, 2013 was a shocking number.
With record crowds at WDW, 2014's 83% occupancy rate is disappointing but 1Q2015's 89% is strong.
More than anything, I'm
guessing the improving economy has been the biggest factor for occupancy gains in 2014 and 1Q2015. Hotel occupancies are up at both onsite
and offsite hotels. Another guess is that gas prices have helped tremendously because of the psychological effect they've had on consumer spending.
In addition, slower price increases and WDW hotel discounts have helped. In 2014 and 2015, WDW rack rates are up only about 3%. I don't have numbers in front of me but I think it the average increase for offsite hotels was around 5.5% in 2014. Disney management is being more market-conscious in its pricing strategy.
A third factor for 1Q2015 is that WDW took 361 rooms at the Polynesian out of service for conversion to DVC, a little more than 1% of inventory.
Just looking at the 2013 number, you can see that all of this is a relatively recent development. Before 2014, the number was going in the wrong direction.
If the number stay at 89% for the rest of 2015, then I suspect occupancy is right where Disney wants it.