Sydney’s hotel room rates reached all-time high on New Year’s Eve
Sydney’s hotel industry posted record high average daily rate and revenue per available room on New Year’s Eve, according to December preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
WASHINGTON – Sydney’s hotel industry posted record high average daily rate and revenue per available room on New Year’s Eve, according to December preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
December 2024 (year-over-year % change):
- Occupancy: 78.8% (+2.1%)
- ADR: AUD314.15 (+0.9%)
- RevPAR: AUD247.43 (+3.0%)
Following the market’s seasonal pattern, New Year’s Eve pushed Sydney’s daily ADR (AUD854.38) and RevPAR (AUD807.62) to record highs, while occupancy was 94.5% – the highest level in the metric in December.
Of note, the second highest occupancy in December was seen on the first night of the four Crowded House performances–Wednesday, 4 December (93.5%), while the second-highest ADR and RevPAR levels were recorded the night before New Year’s Eve (Monday, 30 December), at AUD554.35 and AUD482.35, respectively.
Forward STAR data shows January performance is tracking ahead of the same time last year with a 6-percentage point difference to 2024, at 54% to 48%. This is gained through the majority of individual days holding higher occupancy and not attributed to an event outlier.
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Additional Performance Data: CoStar’s world-leading hotel performance sample comprises 85,000 properties and 11 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
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