Sydney hotels reaped the benefits of several major events last month, posting the highest August average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar.
Several major events including the Sydney Marathon helped drive performance, with occupancy for the month at 84.4%, up 8.7% year-over-year; an average daily rate (ADR) of AU$285.71, up 14.9%; and revenue per available room (RevPAR) of AU$241.18, up 24.9%.
Additionally, the market recorded its highest August occupancy since 2018.
Performance peaked on the eve of the Sydney Marathon, Saturday August 30, with occupancy of 95.1%, ADR of AU$414.96, and RevPAR of AU$394.76.
“Sydney was elevated to seventh in the global marathon series, joining the likes of New York and London,” said STR Regional Director, Matthew Burke.
“Being the first in the southern hemisphere drew additional participation at professional and amateur levels.”
The last game of the British and Irish Lions Tour on Saturday August 2 helped boost occupancy to 92.8%, and ADR and RevPAR to AU$390.18 and AU$361.91, respectively.
For the month of August, Sydney’s occupancy levels surpassed the 70% mark on all but one night – Sunday August 24, which sat at 67.5%.
“Sydney’s August performance was forecasted to be extremely positive,” Burke said.
“As early as March, forward occupancy on the books for August was tracking 6 points higher in occupancy and grew further as the month approached.”