Hotels in Brisbane saw a surge in occupancy during the recently G20 Summit.
According to data from STR Global, the Australian city achieved occupancy levels of 93.5% during the summit, which was held from 15-16 November 2014. This marks an increase of 10.6% compared to the same period last year.
STR Global noted that Brisbane’s occupancy levels are “naturally high”, largely due to the fact the city only has 13,300 hotel rooms.
And the additional demand caused by the G20 summit also allowed hoteliers to increase rates. Brisbane’s average daily rate (ADR) surged 126.8% during the week of the event (10-16 November 2014), while revenue per available room (revPAR) jumped 150%.
The event also has a positive effect on the hotels in the neighbouring Gold Coast and Sunshine Coast, both of which saw higher occupancy and ADR, though at lower growth rates than Brisbane.
During the event week, Brisbane achieved revPAR of AU$402 (US$344), while the Gold Coast and the Sunshine Coast averaged AU$142.50 and AU$132.70 respectively.
And the impact of Brisbane’s figures was felt even further afield. The summit caused state-wide ADR in Queensland to rise 67% and even led to a 20% increase in Australia’s nationwide average daily rate.
According to the G20 Summit website, approximately 4,000 delegates and 3,000 media representatives attended the G20 summit.