WASHINGTON – 15 May 2024 – Sydney's hotel industry recorded year-over-year increases in each of the three key performance metrics, according to April preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
April 2024 (year-over-year % change):
- Occupancy: 72.6% (+7.1%)
- Average daily rate (ADR): AUD247.70 (+0.2%)
- Revenue per available room (RevPAR): AUD179.86 (+7.3%)
The market’s highest daily occupancy levels were seen on the night of the first IMA MEAPAC Summit held in Sydney (Wednesday, 10 April: 86.7%), closely followed by the night before the Summit (Tuesday, 9 April: 86.1%). The market’s occupancy remained above the 60.0% mark throughout the month except for four days.
In addition to the market’s current growth trend, April benefited from a cleaner calendar with Easter and Anzac Day separated, thereby providing clear business weeks which was not true in 2023. Sydney’s ADR and RevPAR levels peaked on Saturday, 6 April, at AUD297.10 and AUD244.99, respectively.
Looking ahead, forward occupancy on the books is continuing to run ahead of the 2023 pace for May and June with 53% and 31% booked as of 6 May.
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 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Karolina Capova
Media Relations Executive – STR
media@str.com
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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