August 2022 was a record month for Sydney hotels with the industry recording its highest monthly performance levels since March 2023, according to preliminary data from property analytics platform CoStar.
Occupancy levels for the month of August were reported to be 80.7%, a 26.0% year-over-year increase, while the Average daily rate (ADR) was AU$261.83, up 9.0%.
Revenue per available room (RevPAR) was AU$211.19 in the month of August, representing a 37.3% year-over-year increase.
The FIFA Women’s World Cup, which took place between 20 July and 20 August, was a large driver for the month’s strong performance thanks to several of the games being held in Sydney’s Accor Stadium.
Daily data shows the highest occupancy level in Sydney (94.8%) was seen on Wednesday August 16, the day of the Australia vs. England semifinal. The day of the quarterfinal match between England and Colombia on Saturday, August 12 saw the second highest occupancy level of 93.1%.
Sydney’s daily occupancy levels remained above the 70% mark throughout the month with the exception of three days.