Sydney hotels reported hotel occupancy dipped 1.8% to 84.9% in October, according to preliminary monthly STR data. ADR rose just 0.3% to 240.14 Australian dollars ($173.07) and RevPAR declined 1.5% to AU$203.93 ($146.98).
LONDON—STR’s preliminary October 2018 data for hotels in Sydney, Australia, indicates an occupancy-driven performance decline.
Based on daily data from October, Sydney reported the following in year-over-year comparisons:
• Supply: +3.5%
• Demand: +1.7%
• Occupancy: -1.8% to 84.9%
• Average daily rate (ADR): +0.3% to AUD240.14
• Revenue per available room (RevPAR): -1.5% to AUD203.93
According to STR analysts, performance was affected by new supply continuing to outpace demand (room nights sold). Sibos 2018, held 22-25 October, produced the best performing week with Wednesday, 24 October achieving 95.9% occupancy and RevPAR of AUD281.94.
STR will release full October results later this month.
Director of Marketing, Research & Analysis
+44 (0)207 922 1965
The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editor-in-Chief Stephanie Ricca at email@example.com.