australia hotel performance
Australia Hotel Performance Normalizing With Improvement in Business Travel
CoStar Group | August 30, 2023
SYDNEY – 30 August 2023 – Australia’s recent hotel performance represents normalization as leisure demand has peaked and given way to strengthening in corporate business, according to CoStar and STR analysis that will be presented this week at NoVacancy Hotel + Accommodation Industry Expo. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. STR is CoStar’s provider of data benchmarking, analytics, and marketplace insights for the global hospitality industry. Australia’s occupancy through the first seven months of the year was 68.2%, which was up ...
Women’s World Cup Drives RevPAR Premiums in Australia and New Zealand During Quiet Winter Season
STR | August 15, 2023
The FIFA Women’s World Cup 2023 is approaching its conclusion with the third place and championship matches set for this weekend in Brisbane and Sydney, respectively. Supported by record-breaking attendance, hotels around Australia and New Zealand have received a much-needed performance boost during the usually quiet winter season. Healthy RevPAR premiums for almost all markets Nine hotel markets/submarkets between Australia and New Zealand have hosted matches during the tournament, which featured an expanded 32-team field and a total attendance record after just two rounds of play. All but one of those nine experienced a noticeable jump ...
Sun Is Still Shining on Australia’s Hotel Industry
STR | February 13, 2023
Australia’s hotel performance turned a massive corner during the first half of 2022 as the Omicron wave subsided and governments relaxed travel restrictions around the country. That freedom translated to consumer confidence, which boosted hotel occupancy for the remainder of the year and further stimulated average daily rate (ADR). Occupancy increases, combined with labor shortages, broader inflationary pressures, a skew toward leisure demand, and consumers’ willingness to pay for experiences, pushed room rates to record highs. That leisure skew started to fade, however, as the year went on and demand broadened, giving furthe...
