The hotel industry in Phoenix, Arizona, saw a US$25.9-million revenue increase during NCAA Final Four Weekend. That spike in rooms revenue topped the increases seen by each of the previous five NCAA Final Four host markets, according to data and analysis from STR.
For the purpose of its analysis, STR compared the Friday through Monday of the past six championship weekends with the baseline average of every other weekend in the host market for the prior year.
On average, the previous five Final Four host markets saw a revenue increase of US$19.5 million during the four-day period, or an average of US$4.9 million per day. The rooms revenue increase in Phoenix was the highest of any of the host markets included in the analysis with an average per day of US$6.5 million.
In absolute values, Phoenix reported more than US$45 million in rooms revenue during the Final Four. That ranked second to Forth Worth/Arlington/Dallas, Texas, with almost US$47 million in 2014.
Hotel demand for the weekend in Phoenix rose 31% using the same comparison. That was below the average of the previous five hosts (37%) and well below the highest demand increase of any of the host markets (New Orleans: 45% in 2012).
Phoenix's occupancy rose 29% to 83.9% over the four-day period, while average daily rate (ADR) was up 76% to US$212.08. As a result, RevPAR jumped 127% to US$177.90. The RevPAR increase ranked third among previous NCAA Final Four hosts after Indianapolis (+203%) and New Orleans (+161%).
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
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