Sydney hotels see improved performance in April

Occupancy, RevPAR rise over 7 pc each over April 2023
2024-05-21
/
/ New Delhi
/ Hotels
Sydney hotels see improved performance in April

Sydney saw its highest daily occupancy levels on the night of the first IMA MEAPAC Summit

Hotels in Sydney in Australia have reported a good growth in business in April as their occupancy and revenues per available room both rose strongly compared to the year-ago period, says a report by hospitality industry tracker STR.
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Sydney‘s hotel industry recorded year-over-year increases in each of the three key performance metrics, according to preliminary data for the month of April provided by Costar, a leading provider of online real estate marketplaces, information, and analytics in the property markets.

According to a press statement by CoStar, while occupancy rates rose to 72.6 pc in April 2024, a rise of 7.1 pc as compared to April 2023. It adds that the Average Daily Rates rose marginally by 0.2 pc to AUD 247.70 and the Revenue Per Available Room (RevPAR) also rose strongly to AUD 179.86, a rise of 7.3 pc from April 2023.

Costar says that Sydney saw its highest daily occupancy levels on the night of the first IMA MEAPAC Summit held in Sydney on April 10, with an occupancy of 86.7 pc, closely followed by the night before the Summit 86.1 pc. The market’s occupancy remained above the 60 pc mark throughout the month except for four days, it adds.

The statement adds that 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 April 6, at AUD 297.10 and AUD 244.99, respectively.

It predicts that looking ahead, forward occupancy on the books is continuing to run ahead of the 2023 pace for May and June with 53 pc and 31 pc booked as of May 6.

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