BRISBANE’S hospitality sector enjoyed a windfall this month as the G20 Summit swept into town, sending hotel occupancies and rates shooting through the roof.
According to data from STR Global, hotels across the city achieved occupancy levels of 93.5 per cent between November 10 and 16. With Brisbane’s 13,300-key inventory already regularly enjoy high occupancy rates, the spike in demand allowed hotels to increase rates from two weeks before the event.
During event week, average daily rates (ADR) in the city skyrocketed 126.8 per cent during the week of the event, and RevPAR jumped 150 per cent to A$402 (US$343).
National ADR was pushed up 20 per cent, while Queensland saw a significant 67 per cent increase as well. The Gold Coast and Sunshine Coast achieved RevPAR of A$142.50 and A$132.70 respectively, showing growth albeit at a lower level.
The G20 Summit took place on November 15-16 and organisers welcomed some 4,000 delegates and 3,000 media representatives in town during the occasion.
