What's Happening?
The Ashes Tour has significantly boosted hotel occupancy and revenue across key Australian cities, including Perth, Brisbane, and Adelaide. According to CoStar, a real estate analytics provider, Perth experienced a hotel occupancy rate of 96% during the
first Test from November 21-25, with the average daily rate (ADR) reaching AUD 409.36. Brisbane also saw a peak occupancy of 90.3% during the second Test from December 4-8. Forward bookings in Adelaide are nearing full capacity as it prepares to host the third Test starting December 17. This surge in hotel performance highlights the significant impact of the Ashes Tour on the travel and hospitality industry, offering a much-needed boost following the challenges posed by the COVID-19 pandemic.
Why It's Important?
The Ashes Tour's impact on hotel performance underscores the importance of major sporting events in revitalizing the travel and hospitality sectors, which have been severely affected by the COVID-19 pandemic. The increased hotel occupancy and revenue demonstrate the potential for economic recovery driven by tourism and events. This trend is crucial for the hospitality industry, as it provides a model for leveraging major events to stimulate economic activity and support recovery efforts. The success of the Ashes Tour could encourage other regions to host similar events, further boosting the global travel industry.
