Sydney’s hotel industry experienced an extraordinary boost in June, thanks to the spectacular “Love Is In The Air” Vivid Drone Show and the 71st Sydney Film Festival. According to preliminary data from CoStar, a premier provider of real estate marketplaces, information, and analytics, these events propelled the market to new heights.
June 2024 marked a historic month for Sydney’s hotels with year-over-year increases in key performance metrics:
- Occupancy: 72.6% (+1.0%)
- Average Daily Rate (ADR): AUD243.45 (+1.5%)
- Revenue Per Available Room (RevPAR): AUD176.81 (+2.5%)
These figures represent the highest ADR and RevPAR levels in Sydney in June.
On Saturday, 8 June, the city saw its highest occupancy rate of the month at 88.0%, coinciding with the first night of the Vivid Drone Show and the fourth night of the Sydney Film Festival. The following night also saw impressive numbers, with an occupancy rate of 82.7%.
On 8 June, the ADR and RevPAR reached unprecedented June highs of AUD312.35 and AUD274.90, respectively. This surge in hotel performance underscores the significant impact of major cultural events on the hospitality sector.
Vivid Sydney 2024 delivered almost identical results to the previous year, with RevPAR just 0.4% lower than in 2023. Demand saw a notable increase of 2.9%, balanced out by a 3.2% rise in supply.
These events provided attendees with a visual and cultural feast and demonstrated the critical role such festivals play in driving economic benefits for the local hospitality industry. The blend of innovative art forms like the Vivid Drone Show and the long-standing tradition of the Sydney Film Festival has proven to be a powerful combination for attracting visitors and boosting hotel performance.
For more information about CoStar and its comprehensive services, visit CoStar Group.
Written by: Anne Keam
