Melbourne hotels hike prices for Coldplay

The British band has sold out four Melbourne shows in a tour that has surpassed $1b in revenue. Now Coldplay is set to drive up hotel rates during their four Marvel Stadium gigs.

Coldplay perform on stage in Perth last year. Picture: Getty

Coldplay’s sold-out tour of Melbourne will see hotel arrivals skyrocket by 168 per cent and prices soar as tourists from interstate and overseas book out rooms.

Ahead of the band’s highly anticipated Melbourne return for its Music of the Spheres concerts between October 30 and November 3, hotels have started jacking up prices.

The average daily rate for a room during that period has already jumped by 30.3 per cent year-on-year, from $350.58 to $459.76.

The data from ASX-listed hotel arrivals and revenue distribution platform SiteMinder shows Coldplay fans have also booked further ahead, 213.2 days in advance in a 48 per cent increase from reservations last year.

Melbourne hotel prices are set to skyrocket when Chris Martin and his Coldplay play in the city. Picture: Getty

SiteMinder Asia Pacific regional vice president Brad Haines said Coldplay was driving similar hotel demand to Taylor Swift’s sold-out MCG tour last year and recent Billy Joel and Ed Sheeran shows.

“The impact that these events are having is obviously pretty profound on the hotel and accommodation sector,” Mr Haines said.

Separately, STR research reveals forward forecast occupancies for Melbourne hotels across the Coldplay concert dates were already up 8-13 per cent on the same days last year.

The Music of the Spheres Tour recently made history as the highest-grossing rock tour ever and only the second after Swift’s The Eras Tour to surpass $1bn in revenue.

Given exclusivity of the Coldplay tour to Melbourne and Sydney tour dates, hoteliers expect about 30 per cent of concertgoers will travel from interstate.

If “positive” hotel trends continued, Accommodation Australia Victorian general manager Dougal Hollis said occupancy rates would sit between 75 and 80.4 per cent for the four Marvel Stadium shows.

“As experienced during Taylor Swift’s mammoth The Eras Tour Melbourne concerts, city hoteliers expect strong demand from the Adelaide drive market, with rooms that offer flexibility for group travel popular,” Mr Hollis said.

“Unsurprisingly, accommodation hotels proximate to the Marvel Stadium entertainment precinct are currently experiencing particularly strong room demand, across the concert dates.”

Mr Haines said there was a clear trend of fans travelling interstate to see their favourite bands, planning well ahead and willing to spend a premium for the experience.

“What is obviously apparent for Coldplay’s Australian tour is they are only doing Melbourne and Sydney, gone are the days I think of massive tours of doing every Australian city,” he said.

“Now they are just picking one or two at a time so that means you are going to see a lot of interstate travel happening from die hard fans in other states wanting to get a slice of the action.”

He said there was also a trend of travellers booking for several nights, rather than flying in and out for the show.

“We have a surge in the length of stays, so people aren’t coming in for just one night of the concert.

“They are coming in for several nights which means a greater impact for the community with people coming in an taking advantage of other businesses in the area.”