Preliminary March data for Sydney's hotel market shows occupancy declined 1.3% for the month.
STR’s preliminary March 2019 data for hotels in Sydney indicates lower performance.
Based on daily data from March, Sydney reported the following in year-over-year comparisons:
• Supply: +2.7%
• Demand: +1.3%
• Occupancy: -1.3% to 87.2%
• Average daily rate (ADR): -6.8% to AUD230.94
• Revenue per available room (RevPAR): -8.0% to AUD201.36
The absolute occupancy level would be the lowest for a March in Sydney since 2014. The decrease in ADR marks the first year-over-year decline in the metric for any March since 2009. STR analysts partially attribute the lower performance levels to a steady rise in supply and shifts in demand to lower average rate properties in submarkets of Sydney. Additionally, the year-over-year comparison was impacted by a high ADR event on 14-16 March 2018, when Sydney hosted the Australian-ASEAN Business Summit.
STR will release full March 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.