Record-high room rates in Melbourne, Sydney driven by the Eras Tour

Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate (ADR) for any month on record, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.

Melbourne
February 2024 (year-over-year % change):

• Occupancy: 78.1% (+8.5%)
• Average daily rate (ADR): AUD244.80 (+11.4%)
• Revenue per available room (RevPAR): AUD191.18 (+20.9%)

Melbourne’s daily occupancy levels remained above the 70.0% mark throughout the month with the exception of six days. The market posted its highest occupancy and ADR levels on Saturday, 17 February, at 91.8% and AUD459.10, respectively.

Sydney
February 2024 (year-over-year % change):

• Occupancy: 86.5% (+5.9%)
• Average daily rate (ADR): AUD329.05 (+16.4%)
• Revenue per available room (RevPAR): AUD284.47 (+23.2%)

Sydney hosted four Taylor Swift concerts between 23-26 February, which pushed daily ADR levels as high as AUD527.52 on Saturday, 24 February.

While the highest daily occupancy level for the month was reported outside of the Eras Tour dates, on Tuesday, 20 February (93.6%), occupancy during the four-day period reached as high as 92.9% on the second day of her tour.For more information about the company and its products and services, please visit www.costargroup.com.