Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate for any month on record, Rio de Janeiro room rates peaked during Carnival.
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.
Rio de Janeiro room rates peaked during Carnival
Helped by Carnival, Rio de Janeiro’s hotel industry recorded its highest average daily rate (ADR) and revenue per available room (RevPAR) since 2016.
February 2024 (year-over-year % change):
- Occupancy: 69.6% (-4.7%)
- Average daily rate (ADR): BRL996.92 (+9.1%)
- Revenue per available room (RevPAR): BRL694.02 (+4.0%)
Carnival took place 9-17 February, and the market’s room rates peaked on the third and fourth night of the festival – Sunday, 11 February (BRL2,020.40) and Monday, 12 February (BRL1,978.38).
Rio de Janeiro saw its highest daily occupancy levels on Wednesday, 21 February (83%), closely followed by Sunday, 11 February (82.6%) – the third day of Carnival.
Overall, the market’s daily occupancy levels remained above the 60% mark apart from Wednesday, 14 February (59.2%).
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