Sydney hotels had much cause to celebrate as 2023 drew to a close with record results achieved in the month of December.
Helped by a New Year’s Eve Sydney’s hotel industry, Sydney’s hotel industry recorded its highest monthly average daily rate (ADR) on record, according to December preliminary data from property analytics platform CoStar.
In December 2023, Sydney hotels achieved occupancy of 77.1%, up 9.9% year over year, with an average daily rate (ADR) of AU$313.27, up 4.8%. Revenue per available room (RevPAR) was AU$241.66, a 15.3% increase year over year.
Daily data reveals the highest occupancy level on New Year’s Eve of 94.0% – when ADR reached AU$776.69 – followed closely by Saturday, December 2, which reached 93.8%.
The market’s daily occupancy levels remained above 60% throughout the month with the exception of two days.