The Australian tourism industry is getting a jolt with a number of international superstars and sporting events making their way down under. Last year, the world's eyes were on many locations across Australia with the FIFA Women’s World Cup, UFC, Formula One to name a few. Fans of these events coming from far and wide improving hotel occupancies and growing average daily room rates.
While last year concerts such as Harry Styles, Ed Sheeran, Paul McCartney and Coldplay saw hotel rates soar, this year Swiftie fever has taken over, setting new benchmarks for hotel rates. With fans travelling internationally and interstate to see the pop princess, rooms across Sydney for the weekend have skyrocketed as much as 300 per cent compared to the average Sydney room rate achieved last February of $287 per night. Locations closer to the action around Olympic Park have the double whammy of Blink 182 on the same weekend, resulting in few vacancies requiring multi-night stays, setting new highs in room rates with those left available commanding prices in excess of $1,500 per night.
For Melbourne, Tay Tay’s visit coincides with the week of Valentine’s day making it a profitable season for hoteliers. Occupancy nearing capacity across the CBD with rates a far cry from the $220 per night average recorded last February, those available dictating rates of $900 per night and above. Melbourne, no stranger to an increase in international room night demand, coming off the back of the Australian Open season, which saw January room rates jump also.
Brisbane, Adelaide and Perth have also got their share of tourist numbers with major events like WWE and P!nk in hot demand this month and next, likely to further stimulate the local economy and hotel sector. Quality stadium facilities across the states are resulting in greater uptake of travelling artists and major sporting events to these locations.
Surging hotel prices have been felt across the world, the hotel sector has been given a much appreciated uplift after the pandemic restrictions saw many shut their doors. While tourism activity has rebounded post COVID-19 with increased flight routes and room occupancy, major events continue to drive up prices internationally.
This week’s NFL’s Super Bowl is another example, stimulating the Las Vegas economy and growing room rates to more than 2.5 times their usual rate, and 40 per cent greater than last year's average room rates achieved at Arizona’s Super Bowl. Other major international events such as the inaugural F1 race in Las Vegas late last year have also buoyed tourism spending, occupancy, and average daily room rates by as much as 400 per cent. If you are looking for a room during the Paris Olympics this year, prices have more than tripled for the opening ceremony, and with 15.3 million visitors expected, competition to secure the 134,000 hotel rooms in Greater Paris will see these rates continue to climb.
