The ‘Love Is In The Air’ Vivid Drone Show and the 71st Sydney Film Festival lifted June hotel performance in the market, according to preliminary data from CoStar.
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 for any June on record in Sydney.
Sydney 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 of the fourth night of the Sydney Film Festival. Sydney’s second highest occupancy level during the month (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.
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.