WASHINGTON – 16 October 2024 – Events pushed Brisbane hotel average daily rate (ADR) and revenue per available room (RevPAR) to all-time highs for September, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
September 2024 (year-over-year % change):
Occupancy: 78.5% (+3.3%)
ADR: AUD236.64 (+1.7%)
RevPAR: AUD185.82 (+5.0%)
Noteworthy nights for hotels occurred during the Brisbane Festival, Brisbane Lions elimination AFL final, and consistent events at the Convention Centre.
On Saturday, 7 September, the market recorded its highest ADR (AUD288.01) and RevPAR (AUD251.70) for the month, driven primarily by visiting Carlton Blues fans attending the elimination AFL final and the sixth day of the Brisbane festival. That evening, Brisbane’s occupancy reached 87.4%, the second-highest daily occupancy level during the month.
Occupancy peaked on Wednesday, 18 September (87.9%), when the Brisbane festival overlapped with the second day of the National Bus & Coach Show.
Brisbane’s daily occupancy levels remained above the 70% mark except in all but four days during September.
Preliminary data through 9 October showed Brisbane’s occupancy at 4% points higher than same time last year (64%). That indicates occupancy growth is likely to continue through October.
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 85,000 properties and 11 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Karolina Capova
Media Relations Executive – STR
media@str.com
ABOUT COSTAR GROUP, INC.
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 attracted over 183 million monthly average unique visitors in the second quarter of 2024. 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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