STR Reports Sydney Hotels Posted Record-high Room Rates in December

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.

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.

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