Set fire to the rates: Adele boosts hotel occupancy in Australia
Accommodation owners are rolling in the deep following the British superstar's tour.
Hello from the other side of the suite: it turns out that Adele's recent Australian tour was good news for hotel owners, with occupancy rates rising as fans from across the country poured into Sydney, Melbourne and Brisbane to see her perform.
Tracking by analyst firm STR suggests that hotel occupancy rates in Brisbane surged from 70.5% in March 2016 to 78.6% in March 2017, the AFR reports. Similar gains were seen in Melbourne and Sydney, as you can see in the chart below.
"The power of Adele's tour of Australia highlighted the potential of events to drive hotel occupancies across the country, and particularly in Brisbane," Tom Gibson, vice-president of investment sales for real estate group JLL's Hotels & Hospitality Group, told the paper.
Is that good news for hotel owners, who are planning to add more than 4,000 new rooms this year alone in Australia? That depends on your perspective. If you're reliant on big events, you need as many of them as possible, but there aren't many musical acts who could claim Adele's drawing power at the moment.
Sport is another key drawcard for hotels. We're starting to see a serious push for people to book rooms for the 2018 Commonwealth Games, which take place in April next year. (The games are also being used for 5G mobile network testing by Telstra, incidentally.)
That should see the rates paid for rooms rise from current levels. According to STR, the average daily rate for rooms in Australia in the first quarter of 2017 was US$147.43. The lesson there? If you can get a room for under $100, you've scored a bargain.
Angus Kidman's Findings column looks at new developments and research that help you save money, make wise decisions and enjoy your life more. It appears Monday through Friday on finder.com.au.
- Binance rolls out Chainalysis “know your transaction” compliance system
- Huawei Mate 20 Pro: Speedboat camera torture test
- Bitmain miners to get hit by US tariffs of 27.6%
- Here’s why school banking programs like CBA’s Dollarmites are under review
- RNDR is now the world’s largest cloud rendering network