The ‘Love Is In The Air’ Vivid Sydney 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.

Destination NSW owns, manages and produces Vivid Sydney and was a strategic sponsor of the 2024 Sydney Film Festival.

According to CoStar's accommodation data, the year-over-year percentage change in June 2024 included:

  • Occupancy: 72.6% (up one per cent)
  • Average daily rate (ADR): $243.45 (up 1.5 per cent)
  • Revenue per available room (RevPAR): $176.81 (up 2.5 per cent)

The ADR and RevPAR levels were the highest for any June on record in Sydney.

Sydney posted its highest occupancy of the month (88 per cent) on Saturday, 8 June, which was the first night of the Vivid Sydney 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 per cent) was seen the next night.

ADR ($312.35) and RevPAR ($274.90) also reached June highs on Saturday, 8 June.

Collectively, Vivid Sydney delivered almost identical year-over-year results with RevPAR 0.4 per cent lower than 2023. Demand was 2.9 per cent higher, but balanced out by a 3.2 per cent rise in supply.

Accommodation Australia NSW recently reported that throughout the event, which ran from 24 May to 15 June, hotels saw occupancy rates of 75 per cent on weeknights and up to 90 per cent on weekends, while restaurants, cafes and bars also enjoyed an uplift in patronage with more than half a million people eating meals across the festival.

"This is an extraordinary event that brings people into Sydney, showcasing the CBD and all it has to offer," Accommodation Australia NSW General Manager Stacey McBride said.

"To have an event of this calibre during the colder months when hotels may not otherwise enjoy high occupancy rates is certainly welcomed by accommodation providers."