Marriott is expecting occupancy over 90 per cent across its 10 properties in Melbourne during the F1 Grand Prix weekend next week.
The event is also driving a four per cent lift in the average daily room rate.
“The partnership between Marriott Bonvoy and the Australian Grand Prix Corporation has once again bolstered our revenue as we lead into the Formula 1 Rolex Australian Grand Prix 2024 event,” said Sean Hunt, Marriott International’s area vice president for Australia, New Zealand and the Pacific.
“Occupancy across our Melbourne properties is sitting at around 91% for the March 22 to 24 period and our average daily room rates are pacing 4 per cent ahead of the 2023 event. International room nights make up 46 per cent, and domestic room nights 54 per cent, citing the strong international drive of the world’s fastest motorsport event.
“Our two newest Melbourne properties, Le Meridien Melbourne and The Ritz-Carlton Melbourne are driving buoyant results. The premium and luxury category is performing very well, with these properties sitting at 85 per cent and 94 per cent over the race weekend respectively, demonstrating the strong demand major events drive into the city.”
Hunt said occupancy was still climbing out of the pandemic.
“Hotel occupancy levels have continued to increase over the last 12 months, with international travel picking up pace and continuing to steadily drive demand.”
Last year, the F1 Australian Grand Prix attracted 444,631 attendees over four days, with the total economic impact of the event estimated to be $268 million, including $144 million of direct expenditure.
Grand Prix attends continue to be predominantly local, according to the economic impact study for the 2023 event, compiled by EY. Of the 444,631 event attendees, 72,176 travelled from interstate and 8,811 travelled from overseas.
