In Brief: Sydney hotels saw year-over-year gains in occupancy, ADR, and RevPAR in June, with occupancy reaching its highest level since 2019.
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Sydney Hotels Achieve Highest June Occupancy Since 2019 on Event Demand – Image Credit Unsplash
Sydney’s hotel industry posted year-over-year growth in key performance metrics in June, according to preliminary data from CoStar.
Occupancy reached 74.1%, up 1.1% from June of the previous year. Average daily rate (ADR) rose 2.6% to AUD243.81, and revenue per available room (RevPAR) increased 3.7% to AUD180.77. This marked the highest June occupancy for Sydney hotels since 2019.
Performance peaked on June 6, the penultimate night of VIVID Sydney, with occupancy at 92.7%, ADR at AUD323.93, and RevPAR at AUD300.39. This was the only night in June when both ADR and RevPAR exceeded AUD300. The Al Shami concert and the Sydney Film Festival also supported demand during the month.
Sydney hotels maintained occupancy above 60% on all but three nights in June. The market recorded a 0.1% decrease in hotel supply for the period.
Forward bookings show occupancy for July tracking two percentage points below last year and one percentage point below for August. Last year’s demand was boosted by the British & Irish Lions tour.