While Natural Retreats’ ADR of $484 outperformed the market average of $447, APO declined slightly by 3.1% in Q3. Limited flights into Glacier Park International Airport due to runway resurfacing during the Valley’s peak summer season contributed to booking cancellations in July, and shorter than average booking windows over the summer. However, our Revenue Management team successfully offset slightly lower APO by strategically increasing ADR, helping drive stronger revenue for homeowners.
While properties on Whitefish Mountain Resort typically take a back seat to the broader market during the summer months, several of our Big Mountain homes still recorded some of their strongest revenue numbers to date. Our larger 5+ bedroom properties experienced tremendous growth, particularly our luxury lakefront homes, as families and groups traveled to the Valley for weddings, reunions, and summer gatherings. Visitors continued to take advantage of everything the Flathead has to offer—from lake activities to mountain adventures. Glacier National Park visitation also increased 8.8% year-over-year, with the park on pace to challenge its all-time annual visitation record. Meanwhile, our 3–4 bedroom properties maintained steady demand from families and smaller groups, delivering meaningful revenue gains throughout the summer.
Despite some early challenges in 2026, disciplined rate management and strategic marketing efforts have helped deliver strong revenue growth for our homeowners. The market gained significant momentum as the summer progressed. Stronger performance in August and September helped close out Q3 on a high note, with many properties across our portfolio achieving some of their best revenue results to date. These gains reflect the strength of our revenue management strategies, the continued efforts of our in-house marketing team, and our ability to adapt to changing market conditions while maximizing returns for homeowners.
