Hotel Performance 2024 & Hotel Futures Returning

Some interesting takeaways from FY2024 for city hotel performance in Australia

1. Sydney again led the pack with over 15% RevPAR growth for the full year. This was predominately demand-driven, with occupancy topping 80%.
2. Perth was strong, achieving RevPAR growth of almost 10%. This was fuelled by a mix of rate and demand growth
3. Gold Coast performed well maintaining its post-Covid rate premium as the second-highest ADR in the Country
4. Whilst Melbourne's occupancy trailed other gateway cities, this was in the context of absorbing significant and prolonged supply additions, with Melbourne actually achieving the second highest level of demand growth across all cities in FY2024. ?

So with FY2024 in the books, what does the short to medium term hotel outlook look like …

1. Will Hoteliers be able to maintain their post-Covid premium public rates?
2. With the return of lower-yielding guests boosting occupancy, what will be the impact on RevPAR and operating margins?
3. Will the strong operating conditions in several cities make hotel development more feasible against the backdrop of high construction costs
4. What impact will major events such as the Olympics and Paralympics, The men’s and women’s Rugby World Cups and the Matilda’s in the Asia Cup women's soccer have on host cities, gateways and nearby destinations

All this and more will be revealed in the return of the long-running hotel performance outlook publication ‘Hotel Futures 2024’. Make sure you are registered to receive your copy when it’s released later this quarter.

https://dransfield.com.au/index.php/hotel-futures-subscription-notice/