WASHINGTON – 16 January 2024 – 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. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
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.
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 80,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
