Helped by New Year’s Eve, Sydney’s hotel industry recorded its highest monthly average daily rate (ADR) on record.
December 2023 (year-over-year % change):
- Occupancy: 77.1% (+9.9%)
- Average daily rate (ADR): AUD313.27 (+4.8%)
- Revenue per available room (RevPAR): AUD241.66 (+15.3%)
According to the daily data, Sydney hotels achieved their highest occupancy level on New Year’s Eve (94.0%), followed by Saturday, 2 December (93.8%).
The market’s daily occupancy levels remained above the 60% mark throughout the month except for two days.
New Year’s Eve pushed ADR to AUD776.69.
London hotel performance jumped during holiday season
Helped by the holiday travel season, London hotels posted significant performance levels.
December 2023 (year-over-year % change):
- Occupancy: 80.5% (+5.7%)
- Average daily rate (ADR): GBP208.90 (+2.0%)
- Revenue per available room (RevPAR): GBP168.07 (+7.8%)
The ADR and RevPAR levels were the highest for any December on record in the market, while occupancy was the highest for any December since 2018.
According to daily data, London saw its highest occupancy levels early in the month – Thursday, 7 December, and Wednesday, 6 December (at 94.9% and 94.6%, respectively).
The market’s daily occupancy levels remained above the 60.0% mark throughout the month. London’s hotel room rates peaked on New Year’s Eve at GBP287.25.
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit www.str.com
