When big-name musicians come to city, accommodations often expertise a major uplift in demand, and subsequently, command robust room charges. With the 2022 summer season months drawing to an in depth within the northern hemisphere, European markets have been a chief instance.
On this evaluation from CoStar hospitality analytics agency STR, each forward-looking and historic knowledge present that dwell music is nice for the lodge business — particularly when icons equivalent to Bruce Springsteen, Ed Sheeran, Elton John and Westlife come to city.Early Birds Get in Fast for Springsteen
After his U.S. tour commences in the beginning of 2023, rock legend Bruce Springsteen will carry out in the UK for the primary time since 2016. A lot of his devoted followers are already beginning to ebook their lodging for the night time of his performances, starting in Edinburgh on Might 30, 2023. Already for that night time, knowledge from STR’s Ahead STAR report reveals occupancy on the books sitting at 39%, with pickup — the uptake in bookings from one interval to the following — leaping to 31%. With roughly 10 months till that efficiency, count on occupancy on the books to succeed in important ranges by the point “The Boss” takes the stage within the Scottish capital.
Hoteliers in Birmingham, England, can be on the lookout for one other “mega draw” following a profitable 2022 Commonwealth Video games. They need to obtain that enhance in enterprise within the type of this iconic U.S. rock star. Following his efficiency in Edinburgh, Springsteen hits the stage in Birmingham on June 16, 2023, and occupancy on the books is already peaking at 48%. Once more, with the present virtually a yr away, that share goes to develop a lot larger.
Edinburgh ‘Summer season Periods’ Enhance Occupancy on the Books
When the world’s largest arts pageant involves Edinburgh each August, lodge occupancy all through town will usually surge. In 2019, demand ranges for your entire month didn’t drop under 80%. This yr, nonetheless, occupancy on the books is indicating much less spectacular efficiency. What needs to be famous although is that essentially the most persistently excessive interval of demand runs from Aug. 8-14. This additionally occurs to be when large title acts equivalent to Tom Jones and Merely Purple will play within the shadow of Edinburgh Citadel.
Ed Sheeran Continues To Appeal to Crowds
English singer/songwriter Ed Sheeran isn’t any stranger to pulling in large crowds, with Might reveals in Belfast serving to to push lodge occupancy within the Northern Eire capital to as excessive as 87%.
As Sheeran continues his tour all through Europe, various locations are benefiting from his arrival.
Accommodations within the Austrian capital of Vienna are already seeing an uptick in occupancy on the books with the night time of Sheeran’s second efficiency on Sept. 2, inflicting ranges to rise to 55%. Nevertheless, a vacation spot indicating much more traction for the pop star’s arrival is Zurich. Lodge occupancy within the Swiss capital has surged on Sept. 17 to as excessive as 63%, and because the date attracts nearer, that determine is predicted to rise.
In addition to larger occupancy ranges, lodge common every day charges are anticipated to rise in locations the place the tour will cease. This was definitely the case for Brussels, the place lodge charges rose to 130 euros ($132.78) on the night time of Sheeran’s July 22 efficiency, in comparison with 86 euros on the identical day final yr. Occupancy was additionally robust, actualizing at 86%, which was a slight enhance from the 79% proven in Ahead STAR knowledge as of July 18.
Elton John’s Ultimate Tour
Iconic British pop star Elton John is at the moment within the midst of his ultimate tour, an occasion of maximum significance for his followers throughout the globe. The chart-topping performer spent the primary a part of his tour taking mainland Europe by storm. Nevertheless, the influence on accommodations will be noticed extra intensely upon his return to dwelling soil within the U.Ok. Three locations specifically reaped the advantages of Elton’s return: Bristol, Liverpool and Swansea.
Lodge occupancy throughout all three cities actualized at above 90%, with Swansea accommodations main the way in which at 96% occupancy on the night time of his efficiency. Liverpool accommodations got here carefully behind, actualizing at 95% occupancy on June 17, which was to be anticipated after Ahead STAR knowledge (as of June 13) indicated 94% occupancy on the books for the date in query. When it got here to ADR, Liverpool accommodations dominated at 142 euros, significantly outperforming the identical day final yr when ADR hit 54 euros.
Westlife
The long-lasting Irish pop group Westlife is on tour once more. The group began its tour in Kent on July 1, which not solely led to larger lodge charges but additionally extra heads in beds. Occupancy peaked at 93% on July 2 with ADR for a similar date at 28 euros larger than the yr earlier than. Because the tour continues, pleasure continues to develop for concertgoers and hoteliers alike. When Westlife returns to their homeland to play in Cork, Ahead STAR knowledge reveals occupancy on the books at 98% for the primary efficiency on Aug. 12.
In conclusion, large-scale music occasions are a fantastic supply of excessive demand for the lodge sector. The alignment of forward-looking knowledge and actualized ranges can be robust round these occasions. Fortuitously, as we transfer away from the summer season interval, indoor venues can nonetheless accommodate these acts and preserve the demand flowing all year long.
About STR
STR offers premium knowledge benchmarking, analytics and market insights for the worldwide hospitality business. Based in 1985, STR maintains a presence in 15 international locations with a company North American headquarters in Hendersonville, Tennessee, a global headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the main supplier of business actual property info, analytics and on-line marketplaces. For extra info, please go to str.com and costargroup.com.
