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Travel spendingGoal 4: A Strong, Creative and Diversified economy |
ROI
Description
The Charlottesville Albemarle Convention and Visitors Bureau (CACVB) has a mandated 7:1 return on investment (ROI), as established in the organization’s funding agreement between the City of Charlottesville and Albemarle County. The ROI is calculated based on complex formulas elaborated in 2004, which measure the organization’s contributions to the local tourism expenditures against its budget amount. The CACVB is funded by a portion of the hotel tax collected by hotels based in Charlottesville and Albemarle County.
Analysis
The ROI for FY17 was the highest ever due to a better conversion rate with group sales leads and larger number of assists with individual and group travelers.
The occupancy and average daily rate have grown fairly steadily over the past few years, despite adding more inventory in the Charlottesville and Albemarle County lodging marketplace, and the increase of the Airbnb-type parallel inventory.