Sydney Hotels Achieve Record-Breaking Occupancy and Rates
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Sydney hotels achieved their highest occupancy levels on New Year’s Eve at 94% followed by 93.8% on December 2nd. There were only two days in the month when occupancy was not above the 60% mark.
STR/CoStar said Sydney, Australia’s hotel industry recorded its highest monthly average daily rate on record in December. CoStar released preliminary December results showing Sydney hotels had average occupancy of 77.1% in December, up 9.9%. The average daily rate was up 4.8% to A$313.27 resulting in a RevPAR increase of 15.3% to A$241.66.
Sydney hotels achieved their highest occupancy levels on New Year’s Eve at 94% followed by 93.8% on December 2nd. There were only two days in the month when occupancy was not above the 60% mark. New Year’s Eve room rates topped $775 per room. JLL Hotels said there are now several Sydneyhotels that are getting more than $1,000 per room per night, such as the newly opened W and the Capella Hotel. They expect more investors to buy city office blocks for conversion into hotels.
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