Sydney posted its highest occupancy of the month at 88 pc on Saturday, June 8
Sydney’s hotel performance in June was positively impacted by the Love Is In The Air vivid drone show and the 71st Sydney Film Festival, says hospitality industry analysis firm CoStar, based on preliminary data.
According to a press statement by CoStar, occupancy in June 2024 reached 72.6 pc, which marks a 1 pc year-over-year change.
CoStar data says that average daily rate (ADR) was AUD 243.45 (about USD 164), up 1.5 pc from year ago period while revenue per available room (RevPAR) was AUD 176.81, up 2.5 pc.
The statement adds that ADR and RevPAR levels were the highest for any June on record in Sydney.
It says that Sydney posted its highest occupancy of the month at 88 pc on Saturday, June 8, 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 at 82.7 pc was seen the next night. ADR stood at AUD 312 and RevPAR at AUD 274 also reached June highs on June 8.
The statement says that Vivid Sydney delivered almost identical year-over-year results with RevPAR 0.4 pc lower than 2023. Demand was 2.9 pc higher but balanced out by a 3.2 pc rise in supply.
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