8/20/2024 - 10:00 AM

MISSION: We seek to provide timely, informative updates on regional topics relevant to our members.

Recap:

County of Monterey

This afternoon (August 20, 2024), the Monterey County Board of Supervisors will discuss and consider approval of one of three recommended options for funding allocations of organizations in the county's Development Set-Aside (DSA) Program
This program promotes and expands tourism, economic and agricultural development, and cultural art activities to strengthen and broaden the County’s economic base
The four organizations in the program are See Monterey (formerly the Monterey County Convention and Visitors Bureau), the Arts Council for Monterey County (Arts4MC), the Monterey County Film Commission (MCFC), and the Monterey County Business Council (MCBC)
For more information, go to the meeting agenda item at Development Set-Aside (DSA) Program
On August 1, 2024, a 55 year concession agreement took effect with the non-profit Friends of Laguna Seca to manage the Laguna Seca Raceway and Recreational Area
Friends of Laguna Seca has a long-term, self-sustaining business plan that brings complete financial independence for the park while elevating the outdoor recreational opportunities and benefits for the local community and global motorsports enthusiasts
The business plan addresses deferred maintenance issues on the property that hinder its full potential as an economic asset to the County of Monterey
For more information, go to this website: Friends of Laguna Seca
The county’s website for Laguna Seca is at WeatherTech Raceway Laguna Seca, which includes racetrack events, racetrack rentals, campgrounds, a rifle and pistol shooting range, and venue rentals for hospitality and events

See Monterey

July Occupancy : Overall Occupancy was 83.4% which was very comparable in overall occupancy to July 2019 which was 83.5%
Transient at 70.1%, which is up 5.7% to last year
Group at 12.5%, which is down -6.8% LY (Last year we had USWO which contributed to higher group occupancy)
Rate growth from 2019 is 28.6% higher at $302.67
The positioning of 4th of July falling on Thursday, allowed the hotels to have longer stays and drove overall transient occupancy for the month
Competition: Napa, Sonoma, Santa Barbara and San Francisco are all giving up a little rate to keep occupancy, with Sonoma dropping the most -3.6% in ADR to increase in occupancy 2.7% (60.7% total occupancy)
Group Business: As a part of See Monterey's strategy to host in market events, we will be hosting SITE NorCal (Society for Incentive Travel Excellence) this week in Monterey
Group will be staying in Monterey and experiencing the destination with immersive activities- including ebikes, wine tasting, property tours etc.
New group marketing campaign" Inspiration Meets Here" rolling out soon
New flight to MSP: See Monterey has launched advertising campain in Minneapolis and working with Minnesota-based journalists increase coverage
Car Week: The See Monterey team and local influencers covered a wide range of events (classic and new) leading to strong social engagement and web traffic
See Monterey continues to be an information resource and uses the opportunity to remind folks to visit respectfully, be patient and kind to hospitality staff, etc
See Monterey will release occupancy, economic impact and community benefit numbers in the coming days

Real Estate

On August 17, two big changes to how you buy and sell a home went into effect
Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals
Agents working with a buyer must enter into a written buyer agreement before the buyer can tour a home. The practice changes do not require an agency agreement or dictate any type of relationship
Industry hoping for lower interest rates in September

MPCC

Chamber officials participated in a press conference in Salinas with Assembly Speaker Robert Rivas to announce the signing of a package of bills meant to address retail theft
See the Governor’s press release at Governor Newsom Signs Landmark Legislative Package Cracking Down on Retail Crime and Property Theft
Car Week had a positive week for businesses and social groups
The Chamber will host Candidate Interviews for those running for Public Office on Friday, August 30. The Chamber will then release endorsements and positions for the November 5, 2024 Monterey County Elections. Please contact Monica Lal for more information at monica@montereychamber.com

Next teleconference will be held Tuesday 9/3/2024 at 10:00 AM.

If you are interested in participating on the teleconference or being added to the list, please contact monica@montereychamber.com.

Your feedback is welcome.

montereychamber.com

MIXER: Monterey County Fair & Event Center

Thursday, August 22 | 5:30 PM - 7:00 PM

2004 Fairground Road, Monterey

Annual Leadership Luncheon presented by California Resources Corporation

Thursday, September 5 | 11:30 AM - 1:30 PM

Portola Hotel & Spa, Monterey

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MIXER: Gathering for Women - Monterey

Thursday, September 12 | 4:30 PM - 6:00 PM

147 El Dorado Street, Monterey

RIBBON CUTTING: Mathnasium of Monterey

Thursday, September 19 | 4:30 PM - 6:00 PM

Del Monte Shopping Center, Monterey

RIBBON CUTTING: Skinphoria Aesthetics

Thursday, September 26 | 4:00 PM - 5:30 PM

380 Foam Street, Suite 210, Monterey

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Join us for the 22nd Annual Leadership Luncheon where an impressive panel of federal, state and local elected officials will cover topics such as: new projects taking place in their jurisdictions, new business coming to the region and important issues that have impact on the future viability of our local economy.

We encourage you to bring new members of your organizations to come and learn about the many ways businesses contribute to our economy and community, and how active engagement can make a difference!

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