WASHINGTON – 16 January 2024 – Helped by New Year’s Eve, Sydney’s hotel industry recorded its highest monthly average daily rate (ADR) on record, 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 2023 (year-over-year % change):
- Occupancy: 77.1% (+9.9%)
- Average daily rate (ADR): AUD313.27 (+4.8%)
- Revenue per available room (RevPAR): AUD241.66 (+15.3%)
According to the daily data, Sydney hotels achieved their highest occupancy level on New Year’s Eve (94.0%), followed by Saturday, 2 December (93.8%). The market’s daily occupancy levels remained above the 60% mark throughout the month except for two days.
New Year’s Eve pushed ADR to AUD776.69.
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 80,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
