Sydney's hotels reported occupancy declined 2.3% to 88.8% in March, according to preliminary STR data. A 3.2% ADR boost to 250.19 Australian dollars ($191.84) pushed RevPAR up 0.8% to AU$222.16 ($170.35).
LONDON—STR’s preliminary March 2018 data for hotels in Sydney, Australia, indicates performance consistent with significant growth in both supply and demand.
Based on daily data from March, Sydney reported the following in year-over-year comparisons:
• Supply: +5.1%
• Demand: +2.6%
• Occupancy: -2.3% to 88.8%
• Average daily rate (ADR): +3.2% to AUD250.19
• Revenue per available room (RevPAR): +0.8% to AUD222.16
STR analysts note that demand (room nights sold) remains strong in the market, which continues to attract leisure and business guests. The dip in occupancy was expected due to a recent spike in supply, which is the highest in Sydney since the time of the 2000 Summer Olympics. Regardless, ADR growth was enough to push RevPAR into positive territory for the month.
STR will release full March results later this month. The January edition of STR’s Market Forecast and the 2017 Global Hotel Study are now available.
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