WASHINGTON – 10 July 2024 – The ‘Love Is In The Air’ Vivid Drone Show and the 71st Sydney Film Festival lifted June hotel performance in the market, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
June 2024 (year-over-year % change):
- Occupancy: 72.6% (+1.0%)
- Average daily rate (ADR): AUD243.45 (+1.5%)
- Revenue per available room (RevPAR): AUD176.81 (+2.5%)
The ADR and RevPAR levels were the highest for any June on record in Sydney.
Sydney posted its highest occupancy of the month (88.0%) on Saturday, 8 June, which was the first night of the Vivid Drone Show as well as of the fourth night of the Sydney Film Festival. Sydney’s second highest occupancy level during the month (82.7%) was seen the next night.
ADR (AUD312.35) and RevPAR (AUD274.90) also reached June highs on Saturday, 8 June.
Collectively, Vivid Sydney delivered almost identical year-over-year results with RevPAR 0.4% lower than 2023. Demand was 2.9% higher but balanced out by a 3.2% rise in supply.
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 82,000 properties and 10.7 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Karolina Capova
Media Relations Executive – STR
media@str.com
ABOUT COSTAR GROUP, INC.
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 attracted 170 million quarterly average monthly unique visitors for the first quarter of 2024. 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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