Hotels in Sydney reported occupancy rose 2.3% to 84.3% in May, according to preliminary STR data. ADR increased 7.7% to 214.48 Australian dollars ($162) and RevPAR rose 10.1% to AU$180.85 ($136.60).
STR’s preliminary May 2018 data for hotels in Sydney, Australia, indicates strong demand and significant performance levels.
Based on daily data from May, Sydney reported the following in year-over-year comparisons:
• Supply: +3.3%
• Demand: +5.6%
• Occupancy: +2.3% to 84.3%
• Average daily rate (ADR): +7.7% to AUD214.48
• Revenue per available room (RevPAR): +10.1% to AUD180.85
The absolute occupancy, ADR and RevPAR levels would be the highest for any May on record in the market. STR analysts note that performance was helped by a combination of events, such as Mercedes-Benz Fashion Week Australia (13-18 May) and Vivid Sydney (25 May-16 June). The opening week of Vivid Sydney 2018 coincided with occupancy growth of 4.6% and an ADR increase of 5.4% when compared with the same Vivid Sydney 2017 dates.
STR will release full May results later this month. The May edition of STR’s Market Forecast is available now for Sydney and a host of other markets across the globe.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.