Lodging Tax – Three Bears Band B http://threebearsbandb.com/ Tue, 28 Jun 2022 10:35:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://threebearsbandb.com/wp-content/uploads/2021/06/icon-1.png Lodging Tax – Three Bears Band B http://threebearsbandb.com/ 32 32 Sales tax growth slows in March and April https://threebearsbandb.com/sales-tax-growth-slows-in-march-and-april/ Tue, 28 Jun 2022 09:09:47 +0000 https://threebearsbandb.com/sales-tax-growth-slows-in-march-and-april/ Second-quarter collections of the City of Hot Springs’ 1% general fund sales tax continued the modest pace that concluded the first quarter. The city reported a 4.44% increase in collections in April, the second consecutive year-over-year increase of less than 5%. The city posted double-digit year-over-year gains in 11 of the 12 months from March […]]]>

Second-quarter collections of the City of Hot Springs’ 1% general fund sales tax continued the modest pace that concluded the first quarter.

The city reported a 4.44% increase in collections in April, the second consecutive year-over-year increase of less than 5%. The city posted double-digit year-over-year gains in 11 of the 12 months from March 2021 to February 2022. That March’s 3.76% gain ended five consecutive months double-digit increases. April marked the 14th consecutive month of year-over-year gains.

The $4,300,745 in tax collected in the first quarter exceeded the same period of 2021 by 12.07%, or $463,305, thanks to a buoyant February. Collections increased by more than 25% as a winter storm closed city offices, schools and many businesses for about a week in February 2021.

The $5,848,874 in tax collected in the first four months of 2022 exceeded the same period of 2021 by 9.95%, or $529,172. Collections exceeded budget 2022 revenue projections by 5.54%, or $306,974. The budget provided $17,432,999 in general fundraising, a 2% increase over last year’s record total.

Monthly financial statements the Hot Springs board filed last week showed general fund revenues exceeded expenses by $2,825,783 over four months. Net revenue through April beat the same period of 2021 by more than $1.5 million, or 130%.

Double-digit gains in recoveries of the 3% sales tax levied by the Hot Springs Advertising and Promotion Commission on prepared meals and lodging in the city continued in April, rising 25.10%, or $179,993, compared to the previous April. The $2,992,045 in tax collected in the first third of the year beat the same period of 2021 by 25.51%, or $608,279.

The local economy added jobs on an annual basis for the 14th straight month in May, according to the U.S. Bureau of Labor Statistics’ preliminary employment report. The Hot Springs Metropolitan Statistical Area added 900 jobs. The 39,500 jobs were the most since March 2020. More than 1,100 jobs per month have been added on average since last April.

The year-long recovery followed a 12-month contraction from April 2020 to March 2021, with the metro area losing more than 2,400 jobs per month on average.

The metro area had an unemployment rate of 3.8% in April, according to the BLS preliminary report. This is the lowest of the year and the ninth consecutive month below the 5% mark. The 41,009 people in the labor force were the highest since last summer. The BLS defines the civilian workforce as those 16 years of age and older who are working or actively seeking employment.

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Child tax credit: what is the tax credit for adoption and who is entitled to it? https://threebearsbandb.com/child-tax-credit-what-is-the-tax-credit-for-adoption-and-who-is-entitled-to-it/ Sun, 26 Jun 2022 16:56:12 +0000 https://threebearsbandb.com/child-tax-credit-what-is-the-tax-credit-for-adoption-and-who-is-entitled-to-it/ Ppeople who plan to adopt a childin addition to realizing their dream of becoming parents, benefit from a tax credit offered by the government to reduce the high economic cost. Expensive adoption process For those who choose to go through a adoption agency or privately, the process costs on average between $5,000 and $40,000. However, […]]]>

Ppeople who plan to adopt a childin addition to realizing their dream of becoming parents, benefit from a tax credit offered by the government to reduce the high economic cost.

Expensive adoption process

For those who choose to go through a adoption agency or privately, the process costs on average between $5,000 and $40,000.

However, the federal government wants to encourage adoptions and therefore offers a tax credit whose amount established for this year is $14,890.

In this sense, anyone who incurs expenses for adopt a child under the age of 18, or of any age, but who has a physical or mental disability can access this benefit.

A point to note is that the child can be a U.S. citizen or an alien, whether a resident or non-resident alien. However, if the child was born in the country, the person who wants to adopt the child can apply for the credit at the beginning of the legal process.

Credit is non-refundable

It should be noted that the credit is not available to taxpayers whose income exceeds $263,410 this year.

The credit applies to all reasonable and necessary adoption expenses, including adoption expenses, court costs, attorney’s fees, travel expenses (including meals and accommodation outside home) and other expenses directly related to the legal adoption of an eligible child.

It should be noted that the credit is non-refundable, meaning you will only get it if you owe federal income tax.

However, any unused credit amount can be carried forward to reduce your tax liability for the next five years until the credit is exhausted.

If your attempt to adopt a child fails, you will also be able to benefit the following year from the full tax credit.

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Kellyanne Conway says Americans will think of Biden every time they pay for gas https://threebearsbandb.com/kellyanne-conway-says-americans-will-think-of-biden-every-time-they-pay-for-gas/ Thu, 23 Jun 2022 02:18:13 +0000 https://threebearsbandb.com/kellyanne-conway-says-americans-will-think-of-biden-every-time-they-pay-for-gas/ NEWYou can now listen to Fox News articles! Kellyanne Conway and former White House chief of staff Reince Priebus joined ‘Hannity’ to discuss the impact Biden’s gas tax would have on Americans at the pumps and handling the economy by the president. KELLYANNE CONWAY: Biden is basically the Grinch who stole your summer. Everywhere you […]]]>

NEWYou can now listen to Fox News articles!

Kellyanne Conway and former White House chief of staff Reince Priebus joined ‘Hannity’ to discuss the impact Biden’s gas tax would have on Americans at the pumps and handling the economy by the president.

KELLYANNE CONWAY: Biden is basically the Grinch who stole your summer. Everywhere you look people are going to pay more for a relaxing summer vacation, Sean prices are up, certainly gas for your own car, but rental car prices are up, accommodation and hotels are up. So however you want to travel this summer with your family or with your friend, you will be thinking of Joe Biden. And that’s why I also believe that you have these elite experts on other networks doing their 2022 version of deplorable and irremediable.

SUMMER HOLIDAYS ARE TOO EXPENSIVE FOR MOST AMERICANS

Usually they wait until fall to tell them they are hill billy conservatives what is good for us, they always know what is good for us and what is best for us. And now they play the role of we are what’s best for you. We tell you that gas prices are just a diversion because if you vote republican you’re going to get this horrible list. The thing is, people know what they see, and Joe Biden is saying two things, when he says I’m going to give you peanuts back, pennies on the dollar back, people just shrug their shoulders.

CLICK HERE TO GET THE FOX NEWS APP

Secondly, when the President of the United States tells us that it is the Russian President’s fault and that he is doing everything he can, they know that is not true because we had gas prices a third of what they were not so long ago. People know it’s a 4 letter word, it’s a matter of willpower. But everywhere you look, plane tickets, train tickets, car rentalgas in your own car, housing, people will pay more, and so you’re going to see the return of the staycation cation courtesy of Joe Biden.

WATCH THE FULL INTERVIEW HERE:

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With 45% of properties used as second homes, Frisco officials are considering plans to improve housing for the workforce https://threebearsbandb.com/with-45-of-properties-used-as-second-homes-frisco-officials-are-considering-plans-to-improve-housing-for-the-workforce/ Mon, 20 Jun 2022 23:29:34 +0000 https://threebearsbandb.com/with-45-of-properties-used-as-second-homes-frisco-officials-are-considering-plans-to-improve-housing-for-the-workforce/ One of the buildings in the new Mary Ruth Place workforce housing complex.Brodie Boilard/Frisco According to Frisco’s housing report released last Tuesday, 45% of its homes are “vacant second homes.” Simultaneously, business owners report employees sleeping in cars or in the woods. The rooms are empty, but the employees cannot find accommodation. Almost all of […]]]>
One of the buildings in the new Mary Ruth Place workforce housing complex.
Brodie Boilard/Frisco

According to Frisco’s housing report released last Tuesday, 45% of its homes are “vacant second homes.” Simultaneously, business owners report employees sleeping in cars or in the woods. The rooms are empty, but the employees cannot find accommodation.

Almost all of the council’s talks last week centered on short-term rentals, but they only account for 20% of Frisco’s residential housing, according to the city’s report. Nearly half of the city’s residential units are second homes.

Housing program manager Danelle Cook said her team determined the number of “vacant second homes” by subtracting occupied homes – which includes the amount of short-term rentals allowed, the amount of homes with a street address local in the Summit County Assessor’s database and the number of long-term rentals as determined by data from the 2020 American Community Survey – from the total number of residential housing units in the city ​​limits.



The term “vacant” simply means that the homes are not primary property and are not rented, city officials explained. Frisco Mayor Hunter Mortensen said “unused” might be a better word, although he said he regularly saw blackened windows and unplowed driveways when walking his dog. Empty homes degrade the sense of community, councilors said, but there’s not much they can do about it.

“We have way too many vacant homes that, God knows from day one, I’ve tried to charge them up, but I can’t,” Frisco Mayor Hunter Mortensen said. “So, unfortunately, short-term rentals become the boogeyman.”



Mortensen said he would like to see second home owners address the impact they are having on the housing situation. Rising housing costs are coming from a mix of sources — not just short-term rentals — Cook said on Tuesday. Like short-term rentals, which are subject to accommodation and excise taxes, he had ideas for taxes on home purchases to give money back to the city to deal with the crisis. housing. However, they were never just ideas, since the city’s hands are tied, he said.

The biggest hurdle for the county in addressing the impact of second homes is amending the Colorado Taxpayer Bill of Rights, or TABOR, Mortensen said. The amendment limits the city’s ability to tax private property. Since its enactment in 1992, it has severely limited a municipality’s ability to tax private property. All the city can do is receive a 1% transfer tax on real estate sales, since the tax was instituted before TABOR was passed.

Mortensen said past conversations with state officials showed little hope of turning things around. Most attempts to modify the amendment struggle to gain traction.

Councilor Elizabeth Skrzypczak-Adrian, a cafe owner, said the staffing issue needed to be resolved. Her employees sleep in cars and in the woods, she said.

“These people have nowhere to live. I don’t know how to improve their life so that they are safe, showered and rested to come and get beaten every day,” she said.

His comment came following a conversation about managing the impact of short-term rentals.

City staff provided councilors with a list of possible ways to deal with the impact of short-term rentals. Inclusive zoning, overlapping area districts, a short-term rental license cap, defining license types, and a moratorium rounded out the possibilities.

Councilors issued mixed opinions on the recommendations and weighed possible actions against the decisions of the county and surrounding towns. Some floated the idea of ​​capping short-term rentals, others said they wanted to learn more about inclusive zoning because it could also solve the labor housing problem. The council scratched overlapping zoning districts from its possibilities, but all others remained on the table.

“We want to be sensitive so we don’t impact the teacher who rents a room on the weekend,” said Pro-Tem Mayor Rick Ihnken. This would mean avoiding restrictions on owner-occupied short-term rentals.

Councilor Andrew Aerenson has expressed support for a cap, but it should be done tactfully and before the situation spirals out of control.

“I think Breckenridge, as an example, obviously waited too long. And now, all of a sudden, they have too much, and they have to go back.

He said if the city instituted a cap on its number of short-term rentals, it should allow some room for growth. For example, he said, since the city’s short-term residential rental rate is 20%, the city could consider a cap of 22%, except for owner-occupied rentals. .

In general, the council did not object to the idea of ​​short-term rentals. Councilor Andy Held said it was the owner’s right to rent out their property, but “They are not taxed as a commercial enterprise. And in all cases – even owner-occupied units – it’s a revenue generator, and they should be taxed as such.

Further discussions on the short-term rental strategy are scheduled for the next City Council business meeting on June 28.

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Hotel apartment plan for Margate’s Hawley Square has been cleared – The Isle Of Thanet News https://threebearsbandb.com/hotel-apartment-plan-for-margates-hawley-square-has-been-cleared-the-isle-of-thanet-news/ Sun, 19 Jun 2022 09:45:01 +0000 https://threebearsbandb.com/hotel-apartment-plan-for-margates-hawley-square-has-been-cleared-the-isle-of-thanet-news/ 15 & 16 Hawley Square (google image) Approval has been given to create holiday apartments in Grade II listed buildings next to the Theater Royal in Margate. The plan is to turn 15 and 16 Hawley Square – currently set up as offices and apartments – into seven serviced “hotel apartments”. The site is a […]]]>
15 & 16 Hawley Square (google image)

Approval has been given to create holiday apartments in Grade II listed buildings next to the Theater Royal in Margate.

The plan is to turn 15 and 16 Hawley Square – currently set up as offices and apartments – into seven serviced “hotel apartments”.

The site is a 4 storey plus basement building with a parking area to the rear. The property was built in the late 18th century in a Georgian style and was listed as Grade II in 1973. It has been unoccupied since August 2017 and many of the original features have been altered over the years.

MCUBE Ltd’s approved proposal is to create the holiday apartments to: ‘help attract visitors to Margate and in turn contribute to the development of the local economy’.

MCUBE will restore original features to the front and create a roof terrace to the rear, provide three parking spaces, add balconies and transform the interior.

What the Image London Fields Studios facade might look like

Planning documents indicate that the property will be run as a serviced apartment hotel, with flexible hours of stay. Clients can stay for long weekends, a week or even months with all utilities and bills included in the price.

The promoter adds: “As part of the sustainable approach of the program, a limited number of parking spaces will be made available on site so that customers can park at all times. The spaces on site can be used by customers to deposit their luggage and for a short stay. For longer stays, parking is available at a local car park.

“As the location of the building is in close proximity to the train station, it is expected that the majority of guests will arrive by train. This mode of transport will also be recommended as the best means of transport to reach the aparthotel.

A developer contribution of £1,768 is required as holiday accommodation means additional recreational pressure on the area.

What the back could look like Image London Fields Studios

The property is within the Margate Conservation Area. Hawley Square is a Georgian square created by Sir Henry Hawley in 1770, who owned the land. It was designed as a pleasure ground where people paid a subscription to access the gardens.

The terraced houses surrounding the square may have started construction in the 1780s, and by the 1790s the square was virtually complete. The buildings are typically tall, a notable mark of the city’s status and the number of visitors it has attracted from the capital despite its remote location. Their height also reflects economic thinking: “high-rise buildings offered more rooms to rent as housing and therefore more income for owners”.

During its Georgian and Victorian heyday, many of the square’s terraced buildings were used as hotels, boarding houses and private schools, while others provided residences for the nobility, new professional and mercantile classes.

15 Hawley Square (Home of Methodist Ministers) 1908 Margate Local History Image

A heritage statement for the project said: “The proposed change of use is a direct reflection of the historic use of the building and those around Hawley Square, in the context of Margate’s development as a popular seaside resort. .

“There are many historical sources which confirm that the buildings in this square were developed and prospered through their popularity as quality lodging houses for seasonal guests coming down from London.

“In recent years, Margate has regained its popularity as a weekend and seasonal destination with visitors to the capital, and the quality accommodation offer has the potential to attract further interest. The proposal aims to capture the spirit of Margate and bring it back to life in an updated version for the new visitors it will attract.

The development was cleared by Thanet Council on June 13.

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Bed and breakfast accommodation licensed by the tourism company in residential premises requires a BMC license: Bombay High Court https://threebearsbandb.com/bed-and-breakfast-accommodation-licensed-by-the-tourism-company-in-residential-premises-requires-a-bmc-license-bombay-high-court/ Fri, 17 Jun 2022 04:42:54 +0000 https://threebearsbandb.com/bed-and-breakfast-accommodation-licensed-by-the-tourism-company-in-residential-premises-requires-a-bmc-license-bombay-high-court/ The Bombay High Court has ruled that bed and breakfast accommodation licensed by Maharashtra Tourism Development Corporation (MTDC) in residential premises to promote tourism requires a license from BrihanMumbai Municipal Corporation (BMC) as it is commercial use of the premises. Justice Bharati Dangré pointed out that Section 394 of the Mumbai Municipal Corporation Act restricts […]]]>

The Bombay High Court has ruled that bed and breakfast accommodation licensed by Maharashtra Tourism Development Corporation (MTDC) in residential premises to promote tourism requires a license from BrihanMumbai Municipal Corporation (BMC) as it is commercial use of the premises.

Justice Bharati Dangré pointed out that Section 394 of the Mumbai Municipal Corporation Act restricts certain activities including “housing” without the sign of the civic leader. “Prima facie, the license that must be obtained u/s.394 in order to operate a trade or business on the premises cannot be considered exempt, simply upon registering the facility with MTDC,“It said.

The bench observed that registering/licensing to operate a bed and breakfast establishment in a dwelling house is not a purely commercial undertaking because, as expected, some of the rooms in the dwelling house are licensed to offer bed and breakfast facilities. This, however, does not prima facie exempt the establishment from obtaining the other authorizations/licenses necessary for its operation.

A resident of Juhu, Harmesh Chadha, had rented out some rooms in his bungalow as a guesthouse following a 2013 permit under a scheme launched by MTDC. Previously, since 2010, it operated under license from the Indian Tourism Development Corporation under the Incredible India program. In January, BMC officers inspected his premises and issued a warning to him to cease trading within 7 days of receipt of the letter and also issued a Notice of Seizure the following day under Article 394 of the Mumbai Municipal Corporation Act.

Chadha appealed against this seizure order. He argued that the BMC had no role as MTDC had authorized it and that it was not classified as a ‘commercial establishment’ but was a ‘homestay’ to promote tourism. He drew attention to the fact that he resides in the same bungalow with his family and that only the ground floor rooms have been rented out. BMC acted on a “mala fide” complaint from a local resident, Chadha alleged. He demanded that BMC’s inspection report and seizure action be declared wrong in law.

BMC justified its advice to discontinue the bed & breakfast because Section 394 of the law required a civic license for such activity. He pointed out that some businesses require licenses from various authorities.

The court noted that while, on the face of it, Chadha’s argument regarding the unenforceability of the BMC Act sounds appealing, but on closer inspection, it is not. Under the MTDC scheme”registration to operate a bed and breakfast establishment in a dwelling house is not a purely commercial undertaking because, as is expected, some of the rooms in the dwelling house are licensed to offer bedroom facilities of hosts. This, however, does not prima facie exempt the establishment from obtaining the other authorizations/licenses necessary for its operation. Property is not fully exempt from tax, but some concessions are granted. In order to operate the establishment as accommodation, conditions such as a health permit would necessarily have to be met since the Company is responsible for cleanliness and ensuring that the necessary facilities are available to guests who enjoy accommodation. this would also require building permit compliance and it cannot be said that on the MTDC granting permission, changes to the residential premises will not have to be ratified/approved by the Corporation building department.

The court said that “such an establishment must obtain a fire safety permit as well as authorization from the FSSAI, since food is offered to tourists in such an establishment. Prima facie, the license which must be obtained by us. 394 to operate a business or business on the premises cannot be considered exempt, simply upon registering the facility with the MTDC.

Case title: Harmesh Singh Chadha @ Jimmy c. Municipal Corporation of Greater Mumbai

Click here to download the order

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Steamboat Springs bans vacation rentals in more than half of town https://threebearsbandb.com/steamboat-springs-bans-vacation-rentals-in-more-than-half-of-town/ Wed, 15 Jun 2022 13:42:09 +0000 https://threebearsbandb.com/steamboat-springs-bans-vacation-rentals-in-more-than-half-of-town/ Steamboat Springs bans vacation rentals in more than half of town By Paris Achen On Tuesday, June 7, the Steamboat Springs City Council voted 6-0 to pass an ordinance banning vacation rentals in the majority of the ski resort located in northwest Colorado. The ordinance divides Steamboat Springs into three overlapping areas: green, yellow and […]]]>

Steamboat Springs bans vacation rentals in more than half of town

millimeter


By Paris Achen

On Tuesday, June 7, the Steamboat Springs City Council voted 6-0 to pass an ordinance banning vacation rentals in the majority of the ski resort located in northwest Colorado.

The ordinance divides Steamboat Springs into three overlapping areas: green, yellow and red.

As of June 15, short-term rentals (STR) are prohibited in the red zone, which covers more than half from the city; capped in the yellow zone, and authorized without restriction in the green zone.

“It looks like high-handed politics driven by emotion, not facts, and opens the city up to arbitrary and capricious decision-making issues that could form the basis of legal action,” said Robin Craigen, co-founder and CEO of move mountainsa Colorado-based property management company and board member of Steamboat Springs Community Preservation Alliance (SSCPA).

However, the city council has created an avenue for existing STRs to continue to operate in the three areas, planning director Rebecca Bessey said. This could be a major lifeline for the city’s 4,300 STRs.

STRs in yellow and red zones that were operating before June 15 can apply for “non-compliant legal status,” which would allow them to continue to welcome guests.

To prove that the STR was operating prior to June 15, the owner or manager must submit documentation of STR activity, such as booking confirmations, verified stays, and sales tax remittance. STRs with registered non-compliant legal status can continue to operate in yellow and red zones, Bessey said.

Council members also requested an amendment that would allow principal residents to short-term rent rooms in their homes a maximum of two times, or 30 cumulative days, per year, whichever is more restrictive, Bessey said.

The overlay map aims to minimize the “potential negative impacts of short-term rentals” on the community’s housing supply, the character of residential neighborhoods and worker shortages, according to a report from city staff.

However, the data suggests that few of the short-term rentals affected by the order would actually become long-term rentals, said Paul Forehand, an owner in Steamboat Springs who addressed the council on June 7.

About 3,900 of the 4,300 properties are rented for less than six months of the year, of which two-thirds, or 2,600, are rented for less than three months, according to AirDNA.

“In other words, people who tell you they won’t move to a long-term rental because they’re using their property themselves while renting it out to supplement costs are telling you the truth,” said Forehand.

“You’re not going to solve the problem of price and quantity of long-term rentals by choosing short-term rentals.”

Council also approved two other ordinances which establish new short-term rental licenses and operating rules, including maximum occupancy, parking requirements, vehicle limits and a responsible party to respond to 24-hour complaints. out of 24.

Short-term rentals must display a license in a visible location inside the premises, and occupancy is limited to one person per 150 square feet, or a maximum of 16 per home.

The three orders come into effect on June 15 but provide a six-month grace period to give owners time to register their properties.

Airbnb recently published a report by HR&A Advisors which quantifies the important role of short-term rentals in Colorado’s economy and demonstrates what is at stake specifically in Routt County, where Steamboat Springs is located.

The study found that in Routt County, STRs generated $179.2 million in economic output in 2020, including $65.3 million in visitor spending, 1,100 local jobs, $41.6 million in dollars in worker income and $4.5 million in state and local taxes. The study also found that only 178 of 6,800 STRs in Routt County would be affordable to workers if converted to long-term rentals.

Some homeowners affected by the ban said they were rethinking their investment in the community.

“It took my wife and I 25 years to be able to afford a condo in Steamboat,” the owner said Chris Drohosky wrote in a letter to the board June 8.… After buying the condo, we had to make long-term rentals in order to pay the mortgage. The ultimate goal was to go into short term rentals within a year so we could also enjoy it with our friends and family. That dream shattered last night.

“We are currently renting the condo to a lovely family at an affordable price and were about to renew their lease for another year. After [the decision by council]we have decided to sell the unit as the value will only go down and we will never be able to use it for ourselves.

“Your actions have not only affected us and other landlords, but we now have to tell a super tenant we’ve had for three years that he needs to go somewhere else to find a rental.”

The board is also considering send a ballot measure to voters in November that would levy a special tax on STRs to generate revenue for affordable housing. The tax rate has not yet been determined, but council members have discussed a rate between 7% and 10%. They are due to hold a meeting on June 20 to discuss the proposed tax.

Craigen said the SSCPA would now focus on opposing the tax.

“If this passes, it will have a further devastating effect on local accommodation companies struggling with inflationary pressures and falling demand as the world opens up post COVID,” Craigen said.

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Expedia stock rebounds after 30% drop? https://threebearsbandb.com/expedia-stock-rebounds-after-30-drop/ Mon, 13 Jun 2022 03:13:40 +0000 https://threebearsbandb.com/expedia-stock-rebounds-after-30-drop/ After a 30% drop since the beginning of the year (YTD), at the current price of around $130 per share, we believe Expedia Stock (NASDAQ: EXPE) could see a rebound. EXPE stock has fallen from $185 to $130 since the start of the year, underperforming broader indices, with the S&P falling 14% over the same […]]]>

After a 30% drop since the beginning of the year (YTD), at the current price of around $130 per share, we believe Expedia Stock (NASDAQ: EXPE) could see a rebound. EXPE stock has fallen from $185 to $130 since the start of the year, underperforming broader indices, with the S&P falling 14% over the same period. The company’s shares are negatively affected by geopolitical tensions, inflation and slowing economic growth. Although Expedia beat analysts’ consensus estimates on the high and low in the last quarter of 2022, investors do not seem convinced that the company has fully recovered from the pandemic. First quarter total gross bookings were up 58% year-over-year (year-over-year) to $24.4 billion, but were still down 17% from the first quarter of 2019 Additionally, it continues to post an adjusted earnings loss per share at $0.47. in Q1. However, this is an improvement from the company’s loss of $2.02 per share in the year-ago quarter.

Expedia’s first-quarter revenue soared 81% year-on-year to $2.3 billion. The majority of Expedia’s revenue came from accommodation, which grew 78% year-over-year. In addition, the travel agency recorded significant growth in its advertising and media revenues, and its air travel-related sales increased by 50% compared to last year. Additionally, adjusted pre-tax operating losses were the same as three years ago, demonstrating Expedia’s ability to control costs even with lower revenues.

We updated our model after the Q1 release. We plan Expedia revenue to $11.9 billion for the whole of 2022, up 39% year-on-year. As for net income, we now expect EPS to come in at $7.32. In light of changes to our revenue and earnings guidance, we have revised our Expedia Rating at $144 per share, based on expected EPS of $7.32 and a P/E multiple of 19.7x for fiscal year 2022, nearly 10% above the current market price . We think the company’s shares look cheap at current levels.

We believe pent-up travel demand after nearly two years of deeply depressed travel volume will set the stage for 2022. Hotels were down 11% in January, but up 8% in February, 7% in March and 10% in April. In light of these trends, Expedia could see favorable booking growth in the second quarter. Still, this travel recovery may not be as robust as some investors had hoped. If inflationary pressure continues to persist in the longer term, broader markets are likely to see lower levels in the near term. And, a further drop in EXPE stock can be used as a buying opportunity for better long-term gains.

Here you will find our previous coverage of EXPE stock where you can follow our view over time.

Although EXPE stock looks set to generate more gains in the future, it’s worth seeing how its peers stack up. See how Expedia’s peers fare on important metrics. You can find other useful comparisons for companies in all industries on Peer Comparisons.

What if you were looking for a more balanced portfolio instead? Our quality portfolio and multi-strategy portfolio have consistently beaten the market since late 2016.

Return June 2022
MTD [1]
2022
YTD [1]
2017-22
Total [2]
Back EXPE 0% -28% 14%
S&P 500 return 1% -13% 86%
Trefis Multi-Strategy Portfolio 2% -18% 224%

[1] Monthly cumulative and annual cumulative as of 06/09/2022
[2] Cumulative total returns since the end of 2016

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Washington County Takes Over Sportsplex Construction Debt, For Now https://threebearsbandb.com/washington-county-takes-over-sportsplex-construction-debt-for-now/ Sat, 11 Jun 2022 01:16:12 +0000 https://threebearsbandb.com/washington-county-takes-over-sportsplex-construction-debt-for-now/ The remaining debt from a bond issued for the construction and development of the Delta Sportsplex will soon fall solely on the shoulders of Washington County, at least for a time. A Senate bill drafted by Sen. Derrick Simmons that would have allowed a 2% tax generated by Washington County lodging establishments to address Sportsplex […]]]>

The remaining debt from a bond issued for the construction and development of the Delta Sportsplex will soon fall solely on the shoulders of Washington County, at least for a time.

A Senate bill drafted by Sen. Derrick Simmons that would have allowed a 2% tax generated by Washington County lodging establishments to address Sportsplex debt to continue died April 5 in Mississippi. House Committee for Local and Private Legislation.

On April 14, the Mississippi Department of Revenue issued a notice repealing the tax effective July 1.

The Delta Sportsplex Foundation is a non-profit organization that was created with the goal of bringing a quality level of sports activities, tournaments and economic development to the county and the community.

Supervisory board chairman Carl McGee drew attention to the notice at Monday’s regular BOS meeting.

“There was information that was clearly requested by members of the House of Representatives from the Sportsplex Foundation. They did not provide that information and with that they (the House members) refused to allow the repeal to go ahead and he in turn died in the House committee for the local and private legislation,” McGee said, pointing out that there was about $2.7 million. in the indebtedness that remains on the obligation.

Rep. Willie Bailey and Rep. John Hines were sponsors of Mississippi HB1453 of April 2011 authorizing the imposition of a hotel/motel tax to fund a youth sports complex.

According to Bailey, the amount of capital that had been injected into the Sportsplex was requested from the Sportsplex officials and the amount of money that had been paid on the bond issue was requested from the county in order to obtain consideration for extension of the tax.

“We also asked for a report on the composition of the Sportsplex board of directors because we felt that certain segments of the city’s population were not represented on the board and yet it was tax money that was invested in this particular project,” Bailey said. “This request was made in February.”

In summary, information justifying the retention of the 2% tax and how it was spent was never provided, according to Bailey.

“We wanted clarification on this before deciding to continue,” he added. “When you spend public money you have to be held accountable… my position at the time I made the request was that if I didn’t get this information I could not support a repeal to extend this tax.

Councilor Al Brock, a member of the Sportsplex Foundation, said he is partnering with the county as a tenant of the county-owned facility.

“All we do is lease, maintain and run the facility as an independent non-profit organization,” he explained. “Obviously we’re all very confused and disappointed that he hasn’t been reinstated. We don’t understand what the situation is, but let’s say we struggled to bring the level of play to the tournament. at the sports complex.

While there was fervent hope to bring substantial activity to the sports complex, Brock pointed to the substantial competition Washington County faced with neighboring communities and others across the state also developing new large complexes.

“Every major community in this state has done the same thing and developed major sports complexes and playgrounds at much higher levels and expense than we have and we basically found ourselves competing with other communities to organize tournaments in the region,” he added. “We have a lot of activity there and a big part of it is of course our local soccer and baseball leagues and we are continually working to get more play into the sports complex, but it’s been a real challenge with the type of shoe-volunteer base on which we operate.

He added: “The funding we have basically comes from the money we earn from tournaments, businesses and sponsorships that we are able to secure.”

With the next legislative session scheduled for January 2023, McGee sought permission from the BOS to draft new private and local legislation to reinstate the 2% lodging tax and more.

“And,” he told BOS members, “maybe an additional 1% to help take care of county parks, which would include Hollandale, Leland, and areas like that where we can help. .”

McGee continued: “If we develop this legislation for individuals and premises and they give us a total of 3%, that allows 2% (paid by visitors) to go to the Sportsplex and 1% to ‘Helping Washington County Parks.’

Approval of such legislation would go through the Department of Revenue and, according to McGee, would prompt the BOS to consider whether the county should have its own department of parks and recreation.

The BOS voted unanimously to grant McGee the requested clearances.

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Study: Platte County Tourism Rebounds | Local https://threebearsbandb.com/study-platte-county-tourism-rebounds-local/ Wed, 08 Jun 2022 21:45:00 +0000 https://threebearsbandb.com/study-platte-county-tourism-rebounds-local/ Tourism in Platte County is recovering from the lingering effects of the COVID-19 pandemic, according to an economic impact study. The study, by Dean Runyan Associates, showed that from 2020 to 2021, sales of taxable lodges in Platte County rebounded 44.7%, shared by Kay McNeil, director of the Columbus Area Convention and Visitors Bureau ( […]]]>

Tourism in Platte County is recovering from the lingering effects of the COVID-19 pandemic, according to an economic impact study.

The study, by Dean Runyan Associates, showed that from 2020 to 2021, sales of taxable lodges in Platte County rebounded 44.7%, shared by Kay McNeil, director of the Columbus Area Convention and Visitors Bureau ( CVB) at the regular meeting of the Platte County Board of Supervisors. June 7.

A stay in an accommodation establishment, such as hotels or Airbnbs, for less than 30 days is subject to this accommodation tax.

McNeil noted that the addition of Hampton Inn and River Land Cabins and Campground contributed to the increase. A new campground is also being established in Platte Center, which will impact next year’s numbers, she added.

Person-trips with overnight stays increased from 199,000 to 222,000, a difference of 11.3%.

“I believe in 2019… the number was 272,000. So we have room for further growth as we continue to bring people back,” she added.

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According to the study, the majority of visitors use hotels, motels or short-term vacation rentals (like Airbnbs). Visitors spent $29.2 million in 2021, an increase of 59.4% over the previous year. Travel expenditures for food services increased by $5.4 million, a 55.9% increase over 2020.

“Before collecting this month’s lodging tax, which will be the last of the year, we are $1,000 less than our highest year ever,” McNeil said. “My projection for this month is $10,000. It was the same last month and we brought back nearly 14. So tax-wise, we’re bouncing back.

The arrival of the pandemic has brought travel plans and large gatherings to a screeching halt. However, McNeil noted that, two years later, things are looking good. Just last week, the Lions Club held its 100e annual convention and the American Legion will hold a large gathering later this month, she added.

“We have gone from a very good first few months in 2020 to zero. When I started in March 2020, we had a conference before it all shut down,” she said.

Data from the study also shows a decline in travel arrangement services, which means, McNeil said, people are booking accommodation themselves rather than going through a travel service. For the type of traveler accommodation, a decrease can also be observed in visitors using a resident’s second home.

“I think if you look at inflation and the cost of homes, that might explain why people aren’t buying second homes,” McNeil said.

In the same vein, the supervisors approved the possibility for the CVB to add a communication and marketing assistant.

This would be a new full-time position that would be delegated duties related to CVB marketing and communications, which would include the monthly calendar of events, welcome packages, volunteer coordination, trade shows, design advertisements, social media marketing, website updates. , the visitors guide and primary point of contact for the Something Good app.

Available on smart devices, the Something Good app lists attractions, events and other tourist information for Platte County

“We have around 1,100 people using the app to post/find events, places to shop, places to stay, eat, drink and play at this point. This person would continue to add additional events to the app so that the app becomes more useful and promotes Platte County to residents and visitors,” McNeil said. “They would also be responsible for visitor guides, dispatching inquiries and marketing materials and maintaining this record in our database (Simpleview), also launched this year.”

At a minimum, the new employee would work from the CVB office, currently located inside the Columbus Area Chamber of Commerce building, and potentially work remotely two or three days a week. The idea, she said, would be to have someone, herself or the new marketing assistant, present in the office every day, which could also include weekend hours.

Zelle, the human resources firm hired by Platte County, has set a median salary range of $18.37 plus benefits for the new position, however, McNeil noted that it has allocated up to 40 $000 in the 2022-2023 fiscal year budget for the position if the individual happens to be bilingual. One of the objectives of the CVB has been to offer promotional material in English and Spanish and the CVB will continue to work in this direction.

“The advisory committee discussed this quite extensively,” District 7 Supervisor Kim Kwapnioski said. “There was a lot of overtime put in by Katy. We also contracted many of these services that we provided in-house. So everything would be internal and we would have more, I guess, to say about it.

This will also be beneficial with the arrival of the new Casino in Columbus, the Country House, additional hotels and other attractions/projects on the horizon for Columbus and Platte County.

The advisory board discussed a year ago the possibility of hiring a second person to help her, but McNeil said she still had a lot to learn at that time before hiring someone new.

“I think I’m at a point where I can hand over some of the more menial tasks to someone and make a bigger difference by getting people to explore, play, shop and stay in Platte County,” said said McNeil. The goal is to have the position posted and a hiring schedule complete by the end of next week (June 17).

“I want to find the right solution for our communities and also for the long-term future of CVB. It’s a very exciting time in our county, so having an equally enthusiastic team is a must!”

Hannah Schrodt is the editor of the Columbus Telegram. Contact her by email at hannah.schrodt@lee.net.

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