The Taylor Swift tour causes hotel rates to reach record highs in Sydney and Melbourne.

Due to Taylor Swift’s highly anticipated Eras Tour, both Sydney and Melbourne experienced a surge in hotel rates, with Sydney hitting a staggering over $500 per night during the concert dates. Preliminary data from CoStar for February revealed that this tour significantly boosted the hotel industries in both cities, marking the highest average daily room rates ever recorded.

In Melbourne, the numbers for February 2024 showed impressive year-over-year growth:

– Occupancy: 78.1% (+8.5%)
– Average daily rate (ADR): AUD244.80 (+11.4%)
– Revenue per available room (RevPAR): AUD191.18 (+20.9%)

Melbourne maintained high occupancy levels throughout the month, peaking at 91.8% on February 17th, with an ADR of AUD459.10.

Meanwhile, Sydney saw remarkable growth in key metrics for February 2024:

– Occupancy: 5% (+5.9%)
– Average daily rate (ADR): AUD329.05 (+16.4%)
– Revenue per available room (RevPAR): AUD284.47 (+23.2%)

During Taylor Swift’s concert dates from February 23rd to 26th, Sydney’s ADR soared to AUD527.52 on February 24th. Despite the highest daily occupancy occurring outside of the tour dates, reaching 93.6% on February 20th, the tour period saw occupancy as high as 92.9% on the second day of her performances.