New Year’s Eve gave Sydney hotels plenty of cause for celebration on December 31.
Sydney hotels pulled in record high average daily rate and revenue per available room on the night, according to December preliminary data from CoStar.
CoStar reports occupancy levels of 78.8% for December 2024, up 2.1% year over year, while ADR stood at AU$314.15 (+0.9%) and RevPAR at AU$247.43 (+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,” CoStar said.
“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.”
Projections for January show 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,” CoStar said.