When we say same-store, we mean the 14 units we've managed continuously since before last summer, so we're comparing apples to apples instead of letting new additions or newly onboarded listings flatter the numbers. Every one of those properties is broken out below, not just the portfolio average, so you can see exactly where this story comes from.
14 units have been in continuous service since before last summer, the qualifying set for a fair year-over-year comparison. 8 of them grew, several sharply. Occupancy dipped 2.2 points portfolio-wide, but that's driven almost entirely by 5 specific properties, not a portfolio-wide demand problem.
| Unit | Revenue | Occupancy | ADR | RevPAR | Hold Nights YoY |
|---|---|---|---|---|---|
| Blue House at Shepherd's Place | +47.5% $55,707 vs $37,757 | +15.9pp | +18.6% | +47.6% | 3 vs 3 |
| The Palms at Vincente | +123% $46,442 vs $20,787 | 100% both yrs | +18.6% | +18.6% | 3 vs 0 |
| The Pink House at Shepherd's Place | +49.7% $34,416 vs $22,994 | +17.8pp | +20.5% | +51.6% | 3 vs 2 |
| Green House at Shepherd's Place | +36.1% $40,020 vs $29,396 | +8.3pp | +24.2% | +39.3% | 2 vs 0 |
| Vincente Seascape (A) | +85.3% $13,089 vs $7,062 | +11.3pp | +15.7% | +65.1% | 2 vs 0 |
| 324 Paridiso | +29.7% $41,467 vs $31,970 | -3.1pp | +33.5% | +28.4% | 2 vs 0 |
| 326 Paridiso | +9.6% $36,496 vs $33,287 | -8.0pp | +22.8% | +9.8% | 3 vs 0 |
| Seascape 108-AB | +2.2% $40,221 vs $39,356 | 100% both yrs | +37.6% | +37.6% | 3 vs 0 |
| Vincente Palms A | -21.4% $17,741 vs $22,562 | +0.5pp | +4.9% | +5.9% | 4 vs 0 |
| 324 + 326 (combo listing) | -100% $0 vs $3,960 | -100pp | n/a | -100% | 1 vs 0 |
| Smoky Mtns Serenity Lodge | -32.0% $34,225 vs $50,352 | -21.0pp | -6.2% | -29.7% | 3 vs 0 |
| Vincente Palms B | -33.4% $16,355 vs $24,541 | -18.4pp | +18.6% | -14.6% | 2 vs 1 |
| Vincente Seascape (B) | -33.0% $7,806 vs $11,656 | -22.2pp | +16.1% | -39.4% | 3 vs 0 |
| Blackhawk Hideout | -28.1% $7,686 vs $10,689 | -12.3pp | +0.8% | -23.9% | 5 vs 0 |
| Total · 14 units | +13.1% $391,670 vs $346,368 | -2.2pp | +20.7% | +16.8% | 39 vs 6 |
A true same-store comparison over a full trailing year requires continuous service since before September 2025, which only 4 of the current units meet. That's a small, concentrated sample, worth reading carefully rather than as a headline for the whole account.
| Unit | Revenue | Occupancy | ADR | RevPAR |
|---|---|---|---|---|
| 324 Paridiso | +29.4% $70,433 vs $54,424 | -1.4pp | +25.1% | +21.0% |
| 326 Paridiso | +10.1% $66,625 vs $60,502 | -7.0pp | +23.9% | +3.3% |
| 324 + 326 (combo listing) | -84.1% $4,372 vs $27,495 | 100% both yrs | -23.7% | -23.7% |
| Smoky Mtns Serenity Lodge | -36.5% $84,239 vs $132,634 | -19.2pp | -7.9% | -37.5% |
| Total · 4 units | -18.0% $225,669 vs $275,055 | -10.3pp | +0.4% | -20.5% |
What's on the books today for stays through early December, compared to what was booked by the same date last year, on the same qualifying units.
The steepest decline in the book. Rate history is being reviewed unit by unit, and a photo reshoot and relist plan are being finalized for this property specifically.
The current minimum rate is $176, benchmarked against the Pigeon Forge market. Over the trailing 12 months, only 3 bookings even cleared below that floor, totaling $2,301. A 20% discount was already tested with no meaningful lift. Since demand doesn't show up even below the floor, this points to a listing or visibility issue rather than a rate issue.
The sibling unit, Vincente Palms A, is roughly flat under the same rate strategy. That gap points to something specific to this listing, not the market or the pricing approach.
The same pattern as the Palms: Seascape (A) grew 85% while Seascape (B) declined. Two lockoff pairs, same split both times, which points to something at the listing level rather than portfolio strategy.
Each reservation below is compared against its matched weekday a year earlier, not just the calendar date, so the comparison lines up exactly. Click through to see the full night-by-night breakdown.
Minimum nightly rates are checked against confirmed bookings in each unit's benchmark market and bedroom-count segment over the trailing 12 months, not as a flat percentage off the base rate. Two units have enough clean booking history to recommend a specific new floor with confidence. Nine units, including three of the four properties flagged above, have taken bookings below their own current floor sometime in the past year, meaning real demand exists at rates below what's currently set as the minimum.
| Unit | Current floor | Bookings below floor, TTM | Suggested floor | Est. recovery, 365d |
|---|---|---|---|---|
| Farmhouse | $225 | 9 · $7,086 | $132 – $174 | up to $14,750 |
| 324 + 326 (combo listing) | $999 | 1 · $4,372 | $577 – $726 | up to $1,445 |
| The Palms at Vincente | $999 | 3 · $7,500 | not enough data yet | – |
| Seascape 108-AB | $999 | 2 · $5,025 | not enough data yet | – |
| Smoky Mtns Serenity Lodge | $385 | 6 · $5,932 | not enough data yet | – |
| Blackhawk Hideout | $176 | 3 · $2,301 | not enough data yet | – |
| Vision Chalet | $165 | 4 · $2,414 | not enough data yet | – |
| 324 Paridiso | $195 | 2 · $1,776 | not enough data yet | – |
| Bear Cub Cabin | $115 | 1 · $544 | not enough data yet | – |
| Total · 9 units | 31 · $36,950 | $9,603 – $16,195 |
That's 33 more nights held back from the market for owner use across the same 90-day comparison, which mechanically reduces the nights available to book. Not a demand issue, just useful context for the full picture.
The portfolio isn't underperforming. Same-store revenue is up 13%, RevPAR up 17% over the trailing 90 days, and forward bookings for the next 90 days are running 19% ahead of last year. Four specific properties explain nearly all of the softness, each already has a plan in motion, and there's another $9,600 to $16,200 in identified pricing-floor upside on top of that.