Helped by New Year’s Eve, Sydney’s hotel industry recorded its highest monthly average daily rate (ADR) on record, according to December preliminary data from CoStar.
December 2023 (year-over-year % change):
- Occupancy: 77.1% (+9.9%)
- Average daily rate (ADR): AUD313.27 (+4.8%)
- Revenue per available room (RevPAR): AUD241.66 (+15.3%)
According to the daily data, Sydney hotels achieved their highest occupancy level on New Year’s Eve (94.0%), followed by Saturday, 2 December (93.8%). The market’s daily occupancy levels remained above the 60% mark throughout the month except for two days.
New Year’s Eve pushed ADR to AUD776.69.
CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. For more information about the company and its products and services, please visit www.costargroup.com.