All eyes have been on summer events, and perhaps one of the biggest reunion tours kicked off on 4 July, with Oasis returning to the stage in Cardiff, performing for over 70,000 fans.
Small market, mighty room rates
Cardiff’s hotel supply is small, with just over 6,000 rooms in the market, and smaller markets tend to have much more volatility in average-daily-rate (ADR) growth, particularly over event periods.
Lackluster occupancy growth
While Oasis has far and away had better rate growth than any other event year to date, occupancy growth was lackluster.
This isn’t due to the event, however, but more so due to market size.
The high-end hotels (which for Cardiff is Upper Upscale only, there are no Luxury props in the market) pushed rate growth the most.
Upper Upscale hotels also reported the highest occupancy. Though they are technically the smallest collapsed class by share of rooms (about 17% of total rooms), this number is still surprising, especially based on the rate figures.
Midscale and Economy hotels reported the lowest actualized occupancy, as well as occupancy declines over the concert weekend.
How do these shows compare?
In June 2024, Taylor Swift hosted a single show in Cardiff, producing better occupancy levels than the Oasis tour, however, hotel room rates came out GBP62.00 higher than The Eras Tour date, pushing revenue per available room (RevPAR) ahead as well.
More up-and-coming sold-out shows
With four sold-out shows wrapped up, Oasis still has a long way to go – with shows spanning across the U.K., U.S., Mexico, Australia, etc. through November 2025.
On 16 July, Oasis will continue their round of Manchester shows, and our Forward STAR data (as of 7 July) has occupancy on the books at 73.3%. A few days later, on 19 and 20 July, forward bookings are at 78.2% and 69.1%, respectively.
More host markets can expect to see boosts similar to Cardiff as the tour progresses.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with thirteen million average monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attracted over 163 million average monthly unique visitors in the third quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
This news release includes “forward-looking statements” including, without limitation, statements regarding CoStar’s expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that future media events will not sustain an increase in future occupancy rates. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2023 and Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2023, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
