WASHINGTON – 12 March 2024 – Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate (ADR) for any month on record, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Melbourne
February 2024 (year-over-year % change):
- Occupancy: 78.1% (+8.5%)
- Average daily rate (ADR): AUD244.80 (+11.4%)
- Revenue per available room (RevPAR): AUD191.18 (+20.9%)
Melbourne’s daily occupancy levels remained above the 70.0% mark throughout the month with the exception of six days. The market posted its highest occupancy and ADR levels on Saturday, 17 February, at 91.8% and AUD459.10, respectively.
Sydney
February 2024 (year-over-year % change):
- Occupancy: 86.5% (+5.9%)
- Average daily rate (ADR): AUD329.05 (+16.4%)
- Revenue per available room (RevPAR): AUD284.47 (+23.2%)
Sydney hosted four Taylor Swift concerts between 23-26 February, which pushed daily ADR levels as high as AUD527.52 on Saturday, 24 February.
While the highest daily occupancy level for the month was reported outside of the Eras Tour dates, on Tuesday, 20 February (93.6%), occupancy during the four-day period reached as high as 92.9% on the second day of her tour.
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Haley Luther
Senior Communications Manager – STR
(216) 278-0627
hluther@str.com
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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