WASHINGTON – 22 April 2024 – A number of 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 in the property markets.
January through early April
- During the Santos Tour Down Under (12-21 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 (1-17 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 (4-7 April) brought slightly lower occupancy year over year (-1.2%), but 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 Matthew Burke, STR’s regional director of the Pacific, Japan & Central South Asia. “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 will return between 26-28 April, and with less than a week until the event, hotel bookings are tracking at a similar pace compared 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 (1-2 May 2024), with occupancy on the books at 58% for both nights.
For more information about the company and its products and services, please visit www.costargroup.com.
News Media Contact
Haley Luther
Senior Communications Manager – STR
(216) 278-0627
hluther@str.com
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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