Hotels near venues across the world have experienced a boost in bookings in the days when the Renaissance tour was being held, the ninth world tour hosted by the pop star Beyoncé.
According to a market impact analysis of Beyoncé on the hotel sector released by CoStar’s STR, Cardiff, Wales, experienced the biggest increase in revenues of all the tour host cities, with the Average Daily Rate (ADR) reaching €247 from €106, VisaGuide.World reports.
Other cities to get the most profit during this period include Cologne, Germany, with the city enjoying €80 revenue per available room and hotels were filled to the brim – around 95.3 per cent of hotel rooms were occupied, compared to the occupancy rate on usual days that is around 6.11 percent.
Hotels in Huston, which is the popstar’s birthplace, also generated great profit during the tour, with around $18 million more being generated across the nights of her concerts, September 23 and 24. Such revenues were 45 percent more than the revenue generated at the same weekend last year. In general, STR pointed out that in Huston, a market lift in the average daily rate of $21 for a concert was evident.
In Charlotte, North Carolina, Beyoncé’s tour stop in August generated the tenth-highest revenue night ever for hotels in the county where the stadium is based.
“The market’s RevPAR [revenue per available room] premium of $49 was heated during a lower performance time in the market,” CoStar’s STR pointed out.
However, not all cities witnessed a similar increase in revenue during the tour dates, with some cities, such as London, Las Vegas, Boston, and Los Angeles, not experiencing much of a difference in revenue.
This can be related to the concerts being scheduled on weeknights when school was still ongoing, and there was much less likely to drive travel demand.
About one in five host cities saw hotel performances on concert nights decrease compared to their usual performance. These cities typically were ones with lots of hotel rooms during seasons when their hotels already had a higher occupancy rate.
Forbes has forecasted that Renaissance Tour will make around $2 billion in ticket sales this year. Beyoncé’s tour is the second one that generated more revenue for hotels, as the first one was Taylor Swift’s Era tour, which was one of the most successful of its kind. Her tour is believed to have ‘revived’ hotel bookings in Philadelphia.