Mon, 30 April 2018

Gold Coast Hotels Record Triple-Digit Growth During Commonwealth Games

According to data from STR, hotels in Australiaís Gold Coast experienced a substantial performance uplift as host market for the 2018 Commonwealth Games.

The Gold Coastís hotel performance was largely driven by high rate premiums during the event (4-15 April). ADR came in at AUD347.38, which was a 76.7% increase over the same 12-day period in 2017. The marketís growth in RevPAR exceeded 100% most nights during the event, with the peak level occurring the night of the opening ceremony on 4 April when RevPAR jumped 205.4% to AUD294.26.

Room at the Sofitel Gold Coast Broadbeach Hotel. Click to enlarge.

The spike in ADR and RevPAR occurred despite the fact that Gold Coast hotels did not register at-capacity occupancy levels. The market experienced its highest occupancy level (92.8%) on the night of the closing ceremony, and the average level during the event (86.6%) fell short of the average in Glasgow (95.7%). However, with different market sizes, the Gold Coast sold 99,466 more room nights.

ďWhile itís encouraging to see that Queensland hotels capitalized on the Commonwealth Games, the lasting legacy could have an even greater impact on the marketís future,Ē said Matthew Burke, STRís Pacific manager. ďAs Southeast Queensland continues exploring the prospect of bidding to host the 2032 Olympics, the results of this yearís Commonwealth Games will likely play a big role in the ultimate decision.Ē 

Compared with other recent host markets of the Commonwealth Games, Gold Coast hotels recorded the highest absolute RevPAR level during the event when measured in U.S. dollar constant currency.

 Gold Coast, 2018: US$243.23
Glasgow, 2014: US$171.98
New Delhi, 2010: US$112.87
Melbourne, 2006: US$178.11

See also: How's Business in Hong Kong? Interview with GM of The Park Lane Hong Kong, a Pullman Hotel Mr. Luc Bollen.

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