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).
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.
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.