SINGAPORE, 26 April 2024: large-scale events have boosted hotel performance in Adelaide, with further jumps expected for upcoming events, according to recent data from CoStar.
CoStar is a leading provider of online real estate marketplaces, information, and analytics for property markets.
January through early April
During the Santos Tour Down Under (12 to 21 January), hotel occupancy reached 78.1%, while revenue per available room (RevPAR) increased 11.4% year over year to AUD179.18.
A three-week period of the Adelaide Festival (1 to 17 March), alongside Adelaide Fringe (16 February through 17 March), drove hotel occupancy to 82.5% (+6%). The elevated demand pushed RevPAR to AUD191.25 (+6.6%).
In its second year, the AFL Gather Round (4 to 7 April) brought slightly lower occupancy year over year (-1.2%), but the average daily rate (ADR) jumped 15% to AUD372.77. That room rate level translated to a 145% increase compared to the long-term Thursday-Sunday April average.
“Adelaide continues to solidify its reputation as Australia’s Festival State, showcasing the power of homegrown events to drive significant tourism and economic benefits,” said STR regional director of the Pacific, Japan & Central South Asia Matthew Burke. “Building upon the success of previous years, the market’s major festivals and sporting events have become post-pandemic highlights, attracting domestic and international visitors, ultimately boosting hotel performance.”
Looking ahead
After its debut in 2023, LIV Golf returns between 26 and 28 April, and hotel bookings were tracking last week at a similar pace to last year, at 78% during the corresponding Friday and Saturday nights, then 62% on Sunday.
The city will also welcome the Asia Pacific Hotel Industry Conference and Exhibition (1 to 2 May 2024), with occupancy on the books at 58% for both nights.
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(SOURCE: CoStar)
