Visit Gold Coast: Huge change to Coast’s hotel rooms revealed

Occupancy levels inside Gold Coast hotels have topped pre-Covid levels thanks to one major market. This is what is in store for the next year.

Gold Coast hotel occupancy is exceeding pre-pandemic levels as visitors flock back to Australia’s tourism capital, a new report has revealed.

The report, commissioned by specialist fund manager and holiday apartment operator Finexia, shows average hotel occupancy rates have increased 17 per cent above pre-2020 figures.

The report also shows:

* Hotel occupancy levels have jumped from 43.3 per cent in early 2020 to 70.1 per cent

* Average room rates climbing 33 per cent, from $195 to $271 over the same period

Finexia operates StayCo and a major holiday apartment letter in Broadbeach, Surfers Paradise and Burleigh Heads.

Gold Coast stock shots 2023. The beachfront skyline. 17 June 2023 Surfers Paradise Picture by Richard Gosling

Company director Patrick Bell said the tourism sector on the Coast was bolstered by strong domestic visitation.

“Prior to the pandemic a lot of our tourism dollars were heading overseas, but now even with international borders open, cost of living pressures has changed the way people think about leisure and travel,” he said.

“Budget constraints have led people to focus more on experiences and spending quality time together, rather than choosing a destination holiday with cost-prohibitive flights.

“The result is an uplift in local travel, particularly weekend stays within driving distance, which also suggests people are travelling more frequently for shorter periods.”

The company owns Gold Coast hotels including Bel Air on Broadbeach, Artique Resort Surfers Paradise and Ocean Pacific Resort Broadbeach and another in Noosa.

Blue waves rolling on Surfers Paradise beach, QLD, Australia

Mr Bell said the company was preparing to buy two more Gold Coast properties. to tap into the resurgent market.

“The fund currently owns seven hotels on the Gold Coast and one in Noosa,” he said.

“We adopt a disciplined approach to acquisitions, undertaking extensive due diligence before proceeding with any purchase. Finexia’s continued investment in the Gold Coast is testament to our confidence in the market.

“Once these acquisitions are completed, StayCo’s portfolio will comprise 10 properties totalling 1400 rooms, with 631 under direct management.”

New data released in April showed tourism was recovering rapidly from Covid and was worth $6.1bn to the city’s economy, up slighting on pre-Covid numbers.

Surfers Paradise Hi Rise buildings, part of the Gold Coast Skyline. Picture Glenn Hampson.

In 12 months to December 2022, the Gold Coast welcomed 11.4 million domestic overnight and daytrip visitors pumping a record $6.1 billion into the economy.

Acting Mayor Hermann Vorster welcomed the data and said the city was going from strength to strength as it recovers from Covid.

“This is a welcome double sugar hit with more visitors spending more while on holiday,” he said.

Acting Mayor Hermann Vorster. Picture Glenn Hampson

“While our tourism economy won’t be immune to the cost of living crisis, this shows we have a desirability buffer that will secure local jobs.

“What’s really telling is the uptick in Burleigh which shows visitors are chasing a range of experiences and not just the classic family pilgrimage to Surfers Paradise.”

Queenslanders who underpinned tourism during the pandemic were returning to more normal numbers but interstate visitors had continued to lift setting a new record of 2.3 million visitors in 2022,

According to data, a record 1.3m visitors came from NSW in 2022, up 2.1 per cent on 2019.