Sydney Hotels Saw Improved Performance in April
Sydney’s hotel industry recorded year-over-year increases in each of the three key performance metrics, according to April preliminary data from CoStar.
April 2024 (year-over-year % change):
- Occupancy: 72.6% (+7.1%)
- Average daily rate (ADR): AUD247.70 (+0.2%)
- Revenue per available room (RevPAR): AUD179.86 (+7.3%)
The market’s highest daily occupancy levels were seen on the night of the first IMA MEAPAC Summit held in Sydney (Wednesday, 10 April: 86.7%), closely followed by the night before the Summit (Tuesday, 9 April: 86.1%). The market’s occupancy remained above the 60.0% mark throughout the month except for four days.
In addition to the market’s current growth trend, April benefited from a cleaner calendar with Easter and Anzac Day separated, thereby providing clear business weeks which was not true in 2023. Sydney’s ADR and RevPAR levels peaked on Saturday, 6 April, at AUD297.10 and AUD244.99, respectively.
Looking ahead, forward occupancy on the books is continuing to run ahead of the 2023 pace for May and June with 53% and 31% booked as of 6 May.
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.
Categories: Trends