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Sydney hotel industry sees strong performance growth in April

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Sydney’s hotel sector reports significant growth in occupancy, ADR, and RevPAR, driven by events like the IMA MEAPAC Summit.

Sydney‘s hotel industry recorded year-over-year increases in each of the three key performance metrics, according to April preliminary data from CoStar.

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.

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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.