Hotels in Brisbane achieved occupancy levels of 93.5 per cent, an increase of 10.6 per cent, during the week of the G20 Summit, which was held 15-16 November, according to data from STR Global.
The market’s occupancy levels are naturally high in Brisbane, which has a supply of 13,300 keys. The additional de-mand caused by the G20 directly transformed into rate growth for hotels in the market. Due to high demand leading up to the event, hotels were able to drive rate as early as two weeks prior to the event.
ADR increased 126.8 per cent during the week of the event (10-16 November), while revenue per available room increased 150 per cent.
The city of Brisbane had a public holiday on Friday 14 November, which could have shifted some local demand to outside the city and into surrounding markets. During the event, Australia increased overall ADR by approximately 20 percent, while the Queensland marked increased ADR by about 67 per cent.
The Gold Coast and Sunshine Cost both benefited from the G20 event in both occupancy and ADR, though at lower growth levels than Brisbane.
During the event week, Brisbane achieved RevPAR of $402.00, while the Gold Coast and the Sunshine Coast achieved RevPAR of $142.50 and $132.70, respectively.