Marina del Rey's Latest Economic Study Shows 73 Percent Growth in Tourism Impact Over Past 5 Years
Marina del Rey, Calif. (PRWEB) April 27, 2017 -- One of the most desirable destinations along the Los Angeles coast, Marina del Rey (visitmarinadelrey.com), continues to benefit from revitalization throughout the small community. Over the past five years, studies commissioned by the Marina del Rey Convention & Visitors Bureau show record-breaking growth in tourism’s economic impact.
Conducted by CBRE Hotels, the 2016 analysis measured the economic effects of Marina del Rey tourism, tracking visitor spending, the number of jobs supported by tourism, and associated tax revenues generated from visitors. The total economic impact of tourism to Marina del Rey is estimated to have been $431,299,000, which reflects a 73 percent increase since 2012, when the economic impact of tourism was measured at $249,130,000.
“Marina del Rey is a popular recreational destination offering all of what visitors love about Southern California,” says Janet Zaldua, CEO of the Marina del Rey Convention & Visitors Bureau. “L.A.’s Marina continues to thrive as an active waterfront playground for both visitors and LA locals who enjoy the Marina’s resort-style amenities like dining with sparkling marina views and on-the-water activities like sailing, jet skiing, kayaking, parasailing, sportfishing, yacht charters, and paddleboarding.”
Research highlights include:
• Total direct visitor spending in 2016 reached $331,768,370, a 73 percent increase from 2012’s estimate of $191,638,785.
• Tourism in Marina del Rey supported an estimated 2,955 jobs in 2016, representing a 61 percent increase since 2012’s 1,830 figure.
• Total measurable tax revenues for Marina del Rey increased 53 percent from approximately $7.8 million in 2012 to approximately $11.9 million in 2016.
Why Tourism Matters and How it Impacts Locals and Visitors of Marina del Rey
Marina del Rey has put those tourism dollars to work for the community. Part of the revenue generated from transient occupancy tax, commonly known as hotel bed tax, collected from Marina del Rey’s six hotels is returned to the community by way of investment in visitor-serving events, attractions, and programs in Marina del Rey. In 2016, hotel tax earmarked for visitor-serving projects totaled upward of $3 million, a 329 percent increase from $700,000 in 2014. The increase in funding for visitor-serving projects is evident to local residents and visitors enjoying new events and increased services and amenities in the Marina.
“The Department of Beaches and Harbors launched new and exciting programming for Marina del Rey in 2016, expanding our offerings of community events and activities,” said Gary Jones, Director of Beaches and Harbors. “The continued revitalization of the destination will boost the Marina’s popularity as a travel and recreational boating destination across the region, the state, and beyond.”
Visitor-Serving Projects Funded Through Transient Occupancy Tax:
• A “Party in the Park” celebration welcoming the NASA Space Shuttle external tank ET-94 in April 2016
• Snow Wonder annual community festival, which takes place the day of the Marina del Rey Boat Parade, debuted December 2015
• Harvest Days & Haunted Nights annual Halloween festival, debuted October 2016
• New art-focused community festival, ARTsea, debuting June 10, 2017
• Double-header New Year’s Eve Fireworks Celebration with two fireworks shows
• Popular musical acts and larger productions for the award-winning summer concert series at Burton Chace Park
• Increased visitor-serving informational messaging through partnership with the Marina del Rey Convention & Visitors Bureau
• Development of a public youth sailing program
• Sponsorship support for The Free Ride, a daily on-demand free shuttle service in the Marina
What’s on the Horizon
Marina del Rey’s continued growth is redefining the destination as a vibrant place to visit and live. Beautification and other enhancements also are underway.
Other Marina Improvements Recently Completed or Scheduled for Completion:
• Oxford Basin Multiuse Enhancement Project, completed in 2016
• New dinghy dock at Fisherman’s Village, completed in 2017
• Development of a wetland park, to be completed by summer 2017
• Improvements to Yvonne Burke Park par course, to be completed in 2018
• Renovation of the Boathouse community meeting and event space at Burton Chace Park, to be completed in 2017
• Visitors Center renovations and expansion, to be completed summer 2017
• Marina Beach public facilities renovation, to begin fall 2017
• Pier 44 redevelopment project with guest boat slip features, to be completed in 2018
• Two new Marina del Rey hotels, Courtyard Marriott and Residence Inn, expected to break ground in 2018
Tourism is a major contributor to LA’s regional economy and is a major industry sector in Marina del Rey, an unincorporated area that the County manages via long-term ground leases with private entities. In 2016, hotels, restaurants, and charter yacht companies in Marina del Rey paid rent totaling approximately $13.7 million to Los Angeles County, a 149 percent increase from $5.5 million in 2012. According to CBRE, tourism in Marina del Rey is expected to continually grow through 2020 and average hotel occupancy for the Marina’s hotels, which have historically performed at close to 80 percent, is expected to continue both with and without the addition of new hotels.
“I’m excited about the future of LA’s Marina,” Zaldua says. “With all the new development and programming on the horizon, the future of Marina del Rey looks brighter than ever. The best is yet to come.”
The economic impact study is limited to overnight visitors who stay in hotels and private homes located in Marina del Rey and does not reflect the impact of other visitors to Marina del Rey who stay in lodging facilities outside of the community’s boundaries or those that utilize Airbnb or other vacation rental services.
For more information contact the Marina del Rey Convention & Visitors Bureau at (310) 306-9900 or visitmarinadelrey.com.
About Marina del Rey Convention & Visitors Bureau
Marina del Rey Convention & Visitors Bureau is the official destination marketing organization that promotes leisure and business travel for Los Angeles’ premier waterfront destination. Situated along the Los Angeles coastline and only four miles from LAX, Marina del Rey is the largest small craft, manmade harbor in North America and is the gateway to Southern California, offering sparkling marina views, on-the-water recreation, waterfront dining, and contemporary hotels just steps from the water’s edge - all walking distance from world-famous Venice Beach. For more information, call (310) 306 - 9900 or visit visitmarinadelrey.com.
Kendra Strey, Marina del Rey Convention and Visitors Bureau, http://visitmarinadelrey.com, +1 310-306-9900, [email protected]
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