Sydney’s hotel industry is showing strong signs of recovery, recording its highest performance levels of the pandemic era, according to the latest data from market insights company STR.
STR’s preliminary data for November 2022 data shows that Sydney’s average daily rate (ADR) was AU$273.07 making it the highest month on record with the exception of September 2000, when the city hosted the Olympics Games.
Sydney recorded hotel occupancy of 79.8% during the month of November and revenue per available room (RevPAR) was AU$217.79. STR said occupancy and RevPAR were the highest since November 2019 and February 2019, respectively.
While the figures represent a positive direction for the market, occupancy remained 7.9% below the corresponding period in 2019.
“When looking at daily data, Sydney recorded 27 days of occupancy levels above 70%, with the highest occupancy occurring on 12 November (90.5%) and 19 November (89.0%),” STR reported.
The market data shows signs of continued improvement in hotel occupancy through December and January.
“As of 5 December, the metric was at 79% for New Year’s Eve,” STR said.