Figures

FiguresQ32025

MajorHotelMarketsPerformance

CBRERESEARCH

MARKETDATA

FIGURES|HOTELS|Q32025

KeyNationalIndicators

$177

RevPAR

▲73%

Occupancy

$243

ADR

Note:Arrowsindicatechangefrompreviousyearend.

InFocus:TheFootyEffect

Australia’s2025footballcalendardeliveredaseriesofmajorsportingmomentsthattranslatedintoexceptionalhotelperformance.ThereturnoftheBritishandIrishLionsTour,theNRLGrandFinalinSydney(thefirstfeaturingtwonon-Sydneyteamssince2017),andtheAFLGrandFinalinMelbournealldrewsignificantcrowdswithattendancesexceeding80,000inSydneyand100,000inMelbourne,drivingrecordoccupanciesandratesacrosskeymarkets.

RevenueUplift

Event

DateAttendanceOcc.ADR

City

RoomNightsSold

NRLGrandFinal

Sydney

5thOct

83,500

96%

$439

47,744

$21M

British&IrishLionstour

Brisbane

19thJul

53,500

89%

$504

19,843

$10M

British&IrishLionstour

Melbourne

26thJul

100,000

91%

$353

40,670

$14M

British&IrishLionstour

Sydney

2ndAug

82,500

93%

$390

45,813

$18M

AFLGrandFinal

Melbourne

27thSept

100,000

78%

$329

35,075

$12M

Source:ABS,CBREResearch

AttendancereflectsCoStarmarketforecastdata

CBRE

KeyTakeaways

Morethan$75Madditionalhotelrevenuegeneratedacrossfivemajorgames:

NRLGrandFinal–Sydney

?Achievedthehighestoccupancyoftheyearat96%

?RecordedthesecondhighestADRof2025,behindNewYear’sEveat$439.

?ThefirstSydneyGrandfinalfeaturingtwooutoftownteamssince2017,saw83,500fansandgeneratedanestimated$21millionupliftinhotelrevenueovera3-dayimpactperiod.

British&IrishLionsTour

?TheLionsfirsttourin12yearsreignitedinternationaldemandandfilledhotelsinkeymarkets.Crowdsofmorethan100,000inMelbourne80,000inSydneyand53,500inBrisbaneunderpinnedacombined$42millionupliftinhotelrevenue.Acrossthethreecities,occupancyaveraged91andacombinedtotalof106,000roomnightsweresold.

?BrisbaneachievedarecordADR,whileMelbourneandSydneyapproachedfulloccupancyacrossmatchweekends.

AFLGrandFinal–Melbourne

?DeliveredthethirdhighestADRperiodoftheyearasfinalsactivityboostedcitywideperformancewithover100,000attendees.

Lookingahead:

TheupcomingAshesCricketTestwillprovideanotheropportunityforhotelmarkets,withexpectationsofcontinuedstrongeventdrivendemand.

2CBRERESEARCH?2025CBRE,INC.

3CBRERESEARCH?2025CBRE,INC.

FIGURES|HOTELS|Q32025CBRE

BrisbaneCentre

Sep25

Y-o-y

Relativeto

2019

OCC

76%

1%

1.04

Relativeto2019

Cairns

Sep25

Y-o-y

Darwin

Sep25

Y-o-y

Relativeto

2019

OCC

60%

7%

1.02

KeyPerformance

OCC77%3%0.99

ADR$2114%1.41ADR$2052%1.40ADR$25910%1.64

RevPAR

$163

7%

1.40

RevPAR$1239%1.46

PerthCentre

Sep25

Y-o-y

Relative

to2019

OCC

80%

4%

1.05

ADR$2495%1.46

RevPAR

$199

9%

1.55

AdelaideCentre

Sep25

Y-o-y

Relative

to2019

OCC

75%

7%

0.95

ADR

$204

-1%

1.33

RevPAR

$153

5%

1.25

Y-o-y

Hobart

Sep25

Relative

to2019

OCC

77%

4%

0.96

Canberra

Sep25

Y-o-y

Relativeto

2019

OCC

72%

2%

0.95

to

ADR

$212

0%

1.16

RevPAR

$163

4%

1.10

ADR

$239

1%

1.16

RevPAR

$183

6%

1.05

ADR

$193

-2%

1.13

RevPAR

$138

0%

1.06

MetricsbyMajorMarket

RevPAR

$196

11%

1.73

GoldCoast

Sep25

Y-o-y

Relativeto

2019

OCC

69%

-2%

0.98

ADR

$281

2%

1.42

RevPAR

$193

0%

1.40

Sydney

Centre

Sep25

Y-o-y

Relativeto

2019

OCC

83%

4%

0.97

ADR

$325

3%

1.27

RevPAR

$269

7%

1.22

MelbourneCentre

Sep25

Y-o-y

Relative2019

OCC

76%

4%

0.92

Source:CoStar,CBREResearch

4CBRERESEARCH?2025CBRE,INC.

FIGURES|HOTELS|Q32025CBRE

Rolling90DayOccupancy

15%

10%

vs2019

5%

0%

-5%

-10%

-15%BrisbaneSydneyMelbournePerthAdelaideHobart

LastMonth

Rolling90DayRevPAR

80%

70%

60%

vs2019

50%

40%

30%

20%

10%

0%

BrisbaneSydneyMelbournePerthAdelaideHobart

LastMonth

Rolling90DayADR

80%

70%

60%

vs2019

50%

40%

30%

20%

10%

0%

BrisbaneSydneyMelbournePerthAdelaideHobart

LastMonth

Rolling90DayRoomsDemand

25%

vs2019

20%

15%

10%

5%

0%

BrisbaneSydneyMelbournePerthAdelaideHobart

LastMonth

Source:CoStarDailyData,CBREResearch*DatareflectsCityandMetroareas.The90-dayrollingcomparisonmeasuresperformanceoverthemostrecent90-dayperiodagainstthesame90-dayperiodin2019.“Lastmonth”referencecomparesthemostrecentmonthofdatawiththemonthprior.

5CBRERESEARCH?2025CBRE,INC.

CBRE

FIGURES|HOTELS|Q32025

Figure1:Occupancy-AustralianCities

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24Sep-25

SydneyMelbourneBrisbaneAdelaideHobartPerth

OccupancygainsacceleratedacrossallmajormarketswithAdelaideleadingtheupliftfollowedbySydney,MelbourneandPerth.SydneyandPerth

continuetoachievethehighestoccupancyratesnationally.

Source:CoStar,CBREResearch*Datareflectscentreareas

$450

$400

$350

$300

$250

$200

$150

$100

$50

$0

Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24Sep-25

SydneyMelbourneBrisbaneAdelaideHobartPerth

SydneymaintainsitsADRlead,whileBrisbanerecordsthestrongestYOY

growth,followedbyPerth.ADRinMelbourneandHobartremainstable,withaslighteasinginAdelaide.

Figure1:ADR-AustralianCities

6CBRERESEARCH?2025CBRE,INC.

FIGURES|HOTELS|Q32025Figure1:RevPAR-AustralianCities

$400

$350

$300

$250

$200

$150

$100

$50

$0

Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24Sep-25

SydneyMelbourneBrisbaneAdelaideHobartPerth

Sydney’smomentumcontinueswiththenation’shighestRevPAR.BrisbanerecordsthestrongestYOYgrowth,followedbyPerth.

Melbourne,HobartandAdelaiderecordsteadygains.

Source:CoStar,CBREResearch*Datareflectscentreareas

CBRE

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24Sep-25

SydneyMelbourneBrisbaneAdelaideHobartPerth

Roomnightsoccupiedremainatrecordhighs,increasingacrossallmarketsYOY.

Figure1:RoomNightsSold-AustralianCities

7CBRERESEARCH?2025CBRE,INC.

CBRE

FIGURES|HOTELS|Q32025

Sydney

GatewayMarketLeadsAcrossallIndicators

SydneyoutperformedallothermajormarketsintheYESept2025,recordingthehighestoccupancyat83%,ADRat$325,andRevPARat$269.RevPARincreased7%YOY,supportedbystrongtradingconditionsandmajorevents,particularlytheBritishandIrishLionsTourinAugust.

Q32025sawtheopeningofthe25hoursOlympiaHotelandCaptionbyHyattcontributing277upper-upscalerooms.

FurtherexpansionisexpectedbyyearendwiththeNovotel

Cabramatta,enhancingSydney’supscaleoffering.SydneyhasthelargesthotelpipelineofanyAustralianmarket,butfollowingthiswave,elevatedconstructioncostsareexpectedtoslowthepaceofnewsupplygrowth.

Intheinvestmentmarket,SkyeSuitesSydneywasacquiredbyFuramaHotelsInternational.Thehotelcomponentaccountedforanestimated$58million,equatingto~$795,000perkey,

whiletheretailcomponentwasestimatedatanadditional$10m.Thehotelcomponentofthetransactionreflectedaninitialyieldof5.55%.Withexpandedinternationalflightroutes,major

infrastructureprojects,andastrongpipelineofevents,Sydneyisexpectedtomaintainitsmarketleadership.

Source:CoStar,CBREResearch

*Chartspresentmonthlydata.CommentaryreflectsYEresultsandYOYchanges

Figure1:SydneyCentreKeyPerformanceMetrics

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Occupancy

ADR/RevPAR

$450

$400

$350

$300

$250

$200

$150

$100

$50

$0

ADRRevPAROccupancy

100%

80%

60%

40%

20%

0%

Figure1:SydneyCentreSupplyandDemand

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Thousands

900

800

700

600

500

400

300

200

100

0

SupplyDemand

8CBRERESEARCH?2025CBRE,INC.

CBRE

FIGURES|HOTELS|Q32025

Melbourne

OccupancyGainsandPremiumRoomSupplySupportGrowth

Melbournerecordeda4%increaseinoccupancyintheYE

Sept2025,supportedbystrongdemandgrowthanda

contractingnewsupplypipeline.Thisdrovea6%increaseinRevPARtoarecordhigh$183,withoccupancyreaching76%,itshighestlevelsinceearly2020andnowabovethenationalaverage.

RoomratescontinuetostrengthenwithADRsittingat$239,16%abovepre-pandemicperformance.Theupliftreflectsbothpremiumnewsupplyandrobustdemandfromabusyeventscalendarandrisinginboundtravel.Thesefactorsareexpectedtofurthersupportabsorptionofnewsupply.

Followingasignificantwaveofnewhotels,thepipelineisnowslowing,markingatransitiontoaperiodofmorelimitednewsupply.Q32025sawtheopeningofthreenewhotels:Hotel

IndigoWalkArcadeandHolidayInnWalkArcade,which

togetheradded450rooms,andSeafarers1Hotelwhichadded277rooms.Byyearend,MorayServicedApartmentswilladdafurther160upscaleroomstoMelbourneinventory.

The245roomParkHyattwasacquiredbyKSHotelsinAugust2025for$205millionreflectingapriceperroomof~$718,000(excludingcarpark)andaninitialyieldof4.64%.

Source:CoStar,CBREResearch

*Chartspresentmonthlydata.CommentaryreflectsYEresultsandYOYchanges

Thousands

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Figure1:MelbourneCentreKeyPerformanceMetrics

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Occupancy

ADR/RevPAR

$350

$300

$250

$200

$150

$100

$50

$0

100%

80%

60%

40%

20%

0%

ADRRevPAROccupancy

Figure1:MelbourneCentreSupplyandDemand

900

800

700

600

500

400

300

200

100

0

SupplyDemand

9CBRERESEARCH?2025CBRE,INC.

CBRE

FIGURES|HOTELS|Q32025

Brisbane

DemandSurgesAmidSupplyConstraints

Brisbane’shotelmarketcontinueditsstrongperformanceinQ32025,reachingnewhighsinbothADR($259)andRevPAR($196).ThecityrecordedthehighestYOYRevPARgrowth

nationallyat11%,drivenbya10%increaseinroomratesandamodest1%upliftinoccupancyto76%.

TheBritish&IrishLionsTourinJulywasakeycontributor,

deliveringBrisbane’shighestADRonrecordandhighlightingtheinfluenceofmajoreventsontradingoutcomes.Thissurgeinperformancereflectsacombinationofsustaineddemand,arobusteventscalendar,andconstrainedsupply.

Lookingahead,infrastructureinvestmenttiedtothe2032

OlympicandParalympicGamesisexpectedtofurtherstimulatevisitationandsupportlong-termgrowth.Withelevated

constructioncostslimitingnewdevelopment,thesupply

pipelineremainstight.Nonewhotelopeningsareanticipateduntilearly2026,aheadoftwoQueen’sWharfhotelsscheduledforopeninglate2026and2027.

Q32025sawthe52roomSohoBrisbaneinSpringHillacquiredforcirca$13million,reflectingapriceperroomof~$250,000.

Source:CoStar,CBREResearch

*Chartspresentmonthlydata.CommentaryreflectsYEresultsandYOYchanges

Thousands

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Figure1:BrisbaneCentreKeyPerformanceMetrics

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Occupancy

ADR/RevPAR

$350

$300

$250

$200

$150

$100

$50

$0

100%

80%

60%

40%

20%

0%

一ADRRevPAROccupancy

Figure1:BrisbaneCentreSupplyandDemand

600

500

400

300

200

100

0

SupplyDemand

10CBRERESEARCH?2025CBRE,INC.

CBRE

FIGURES|HOTELS|Q32025

Perth

CorporateDemandDrivesMarketStrength

Perthremainsoneofthefewmarketswhereallkey

performanceindicatorshaveexceededpre-pandemiclevels.A4%increaseinoccupancyanda5%riseinADR,sawthe

PerthmarketpostthesecondhighestgaininRevPARof9%YOYtoarecordhigh$199.Occupancysitsat80%withADRat$249.

Perth’smarketispositionedforcontinuedgrowth,supportedbyamodestsupplypipelineandgrowingdemand.Whilegainsareexpectedtomoderate,Perthisanticipatedtoremainoneofthestrongestperformingmarketsnationally.

TherecentlyopenedGardeHotelinFremantlehasadded83

newupperupscalerooms.In2026,threeadditionalhotel

openingswilldeliver741luxuryandupscalerooms.Beyondthis,elevatedconstructioncostsareexpectedtolimitnew

developmentfeasibility.

DemandwillbedrivenbytheconstructionphaseofvariousWAminingprojects,withfurthersupportfromPerth’sincreasing

appealasaleisuredestination.

Source:CoStar,CBREResearch

*Chartspresentmonthlydata.CommentaryreflectsYEresultsandYOYchanges

Figure1:PerthCentreKeyPerformanceMetrics

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Occupancy

ADR/RevPAR

$300

$250

$200

$150

$100

$50

$0

ADRRevPAROccupancy

100%

80%

60%

40%

20%

0%

Figure1:PerthCentreSupplyandDemand

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Thousands

350

300

250

200

150

100

50

0

SupplyDemand

11CBRERESEARCH?2025CBRE,INC.

FIGURES|MARKETSECTOR|Q32025

FIGURES|HOTELS|Q32025

CBRE

Adelaide

OccupancyGainsSupportRevPARstability

Adelaide’soccupancyrose7%overtheyear,supportedbyastrongcalendarofmajorevents,liftingRevPAR5%to$153.WhileADReasedslightlyfromlastyear’speak,itremains

wellabovepre-pandemiclevels,underpinnedbyresilientdemand.

Lookingahead,CBREanticipatestheSouthAustralian

Government’scommitmenttosupportbusinessandleisure

eventsinAdelaide,willincreasedemandandgraduallyabsorbnewsupply,leadingtosteady,thoughmodestgrowthrates.

NonewhotelsopenedinQ32025,however2026willseea

notableincreaseininventorywithfourprojectsexpectedtodelivercirca750rooms.TheseincludetheopeningsofLittleNationalAdelaideandVeriuAdelaide,addingacombined302roomstothemarket.

Intheinvestmentmarket,HiltonAdelaidewasacquiredby

AmoraHotelsandResorts.Theassetsoldinmid2025for$107million,reflectingapriceperroomof~$284,000.

Source:CoStar,CBREResearch

*Chartspresentmonthlydata.CommentaryreflectsYEresultsandYOYchanges

Thousands

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

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Sep-25

Occupancy

Figure1:AdelaideCentreKeyPerformanceMetrics

Sep-19

Mar-20

Sep-20

Mar-21

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Sep-25

ADR/RevPAR

$300

$250

$200

$150

$100

$50

$0

ADRRevPAROccupancy

100%

80%

60%

40%

20%

0%

Figure1:AdelaideCentreSupplyandDemand

300

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50

0

SupplyDemand

FIGURES|MARKETSECTOR|Q32025

FIGURES|HOTELS|Q32025

12CBRERESEARCH?2025CBRE,INC.

CBRE

Hobart

HobartNearsFullRecoveryas

OccupancyandRevPARStrengthen

Hobart’soccupancyrose4%YOYto77%overtheyear,

edgingclosertoafullrecovery.ADRremainedstableandsits16%abovepre-pandemiclevels.Increaseddemandsupporteda4%increaseinRevPARto$163,whichis10%higherthan

2019benchmarks.

Growthcontinuestobeunderpinnedbylimitednewsupply,

withnoprojectscompletedin2025andnonecurrentlyunderconstruction.Additionalstimulusisbeingprovidedbyma