SINGAPORE, 11 July 2024: The ‘Love Is In The Air’ Vivid Drone Show and the 71st Sydney Film Festival lifted June hotel performance in the Sydney hospitality market, according to preliminary data from CoStar.
CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
June 2024 (year-over-year % change)
Occupancy: 72.6% (+1.0%);
Average daily rate (ADR): AUD243.45 (+1.5%);
Revenue per available room (RevPAR): AUD176.81 (+2.5%).
The ADR and RevPAR levels were the highest on record for any June in Sydney. The city posted its highest occupancy of the month (88.0%) on Saturday, 8 June, which was the first night of the Vivid Drone Show, as well as the fourth night of the Sydney Film Festival. Sydney’s second-highest monthly occupancy level (82.7%) was seen the next night. ADR (AUD312.35) and RevPAR (AUD274.90) also reached June highs on Saturday, 8 June.
Collectively, Vivid Sydney delivered almost identical year-over-year results with RevPAR 0.4% lower than 2023. Demand was 2.9% higher but balanced out by a 3.2% rise in supply.
For more information about the company and its products and services, visit www.costargroup.com.
