Sydney hotels reported occupancy dipped 1.4% to 81% in December, according to preliminary STR data. ADR decreased 1.1% to 245.93 Australian dollars ($176.99) and RevPAR fell 2.5% to AU$199.23 ($143.40).
STR’s preliminary December 2018 data for hotels in Sydney, Australia, indicates performance declines.
Based on daily data from December, Sydney reported the following in year-over-year comparisons:
• Supply: +3.0%
• Demand: +1.5%
• Occupancy: -1.4% to 81.0%
• Average daily rate (ADR): -1.1% to AUD245.93
• Revenue per available room (RevPAR): -2.5% to AUD199.23
Performance was affected by supply continuing to outpace demand (room nights sold), however, the absolute occupancy level was the fourth-highest in the market since 2000. Daily data shows the highest absolute ADR and RevPAR levels for the month were recorded 29-31 December, but these levels were lower when compared with 2017.
STR will release full December 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.