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Sydney hotel performance surges in June due to events

Sydney, New South Wales

Sydney’s hotel performance surged in June 2024, driven by the Vivid Drone Show and Sydney Film Festival.

Sydney experienced a significant boost in hotel performance in June 2024, driven by the popular ‘Love Is In The Air’ Vivid Drone Show and the 71st Sydney Film Festival. Preliminary data from CoStar, a leading provider of online real estate marketplaces, information, and analytics, highlight the positive impact these events had on the hospitality sector.

In June 2024, Sydney’s hotel occupancy increased to 72.6%, a 1.0% rise compared to the previous year. The average daily rate (ADR) also saw an uptick, reaching AUD243.45, a 1.5% increase year-over-year. Revenue per available room (RevPAR) followed this upward trend, climbing by 2.5% to AUD176.81. Notably, both ADR and RevPAR achieved their highest levels for any June on record in Sydney, showcasing the strong demand and pricing power within the market.

The city’s highest occupancy rate for the month was recorded on Saturday, 8 June, at an impressive 88.0%. This peak coincided with the first night of the Vivid Drone Show and the fourth night of the Sydney Film Festival, indicating that these events were significant draws for visitors. The following night also saw robust occupancy levels at 82.7%.

In addition to occupancy, ADR and RevPAR reached notable highs on 8 June. ADR peaked at AUD312.35, while RevPAR soared to AUD274.90, reflecting the heightened demand and willingness of visitors to pay premium rates during these flagship events.

While the Vivid Sydney event collectively delivered nearly identical year-over-year results, with RevPAR just 0.4% lower than in 2023, demand increased by 2.9%. However, this was offset by a 3.2% rise in supply, indicating a balanced market dynamic.

Overall, June 2024 demonstrated Sydney’s robust tourism appeal and the significant economic impact of cultural and entertainment events. The combined allure of the Vivid Drone Show and the Sydney Film Festival not only enhanced the city’s vibrancy but also underscored its importance as a leading destination for both local and international visitors. As Sydney continues to host such prominent events, the hospitality sector can anticipate sustained growth and heightened performance metrics in the future.

Vicky Karantzavelou
Co-Founder & Chief Editor - TravelDailyNews Media Network

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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