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Sydney June Hotel Performance Soars with Vivid Drone Show and Sydney Film Festival

Sydney June Hotel Performance Soars with Vivid Drone Show and Sydney Film Festival

  • Sydney Hotels Show Improved Performance in April

The ‘Love Is In The Air’ Vivid Drone Show and the 71st Sydney Film Festival boosted the hotel market’s performance in June, according to preliminary data from CoStar.

June 2024 (% change year-over-year):

  • Occupancy: 72.6% (+1.0%)
  • Average daily rate (ADR): AUD243.45 (+1.5%)
  • Revenue per available room (RevPAR): AUD 176.81 (+2.5%)

In Sydney, ADR and RevPAR levels reached their highest levels on record in June.

Sydney recorded its highest occupancy rate of the month (88.0%) on Saturday, June 8, the first night of the Vivid Drone Show and the fourth night of the Sydney Film Festival. Sydney’s second highest occupancy rate of the month (82.7%) was seen the following night.

ADR (AUD312.35) and RevPAR (AUD274.90) also reached their June highs on Saturday, June 8.

Collectively, Vivid Sydney delivered almost identical annual results with RevPAR 0.4% lower compared to 2023. Demand was 2.9% higher but offset by a 3.2% increase in supply.

CoStar is a leading provider of online real estate marketplaces, information and analytics for the real estate markets. For more information about the company and its products and services, please visit: www.costargroup.com.