Daily data from STR Global, the leading provider of market information to the world’s hotel industry, clearly shows the pull of the famous bands such as Oasis and Take That and its benefits for the hotel industry in Cardiff, Wales. In the current economic environment any additional attractions within a market are a welcomed benefit to hotel performance.The concerts over the past couple of weeks increased the daily revenue per available room (RevPAR) for Cardiff between 46 percent and 67 percent for the nights of the 12, 16 and 17 June 2009, compared with the same days the prior year. STR Global tracks the daily performance of 16 hotels in the Welsh capital.
Events at the Millennium Stadium, which has a capacity to hold up to 74,500 visitors, bring in the crowds and fill the beds. Cardiff reported over 90 percent occupancy during these three nights, which means a “sold-out” sign on many hotels’ front doors. Whilst occupancy did not increase that significantly against the prior year, as can be seen from the table below, the average room rate (ADR) increases reflect the high demand for rooms.