STR: Preliminary January data for Sydney hotels
STR’s preliminary January 2018 data for hotels in Sydney, Australia, indicates significant growth in both supply and demand.
Based on daily data from January, Sydney reported the following in year-over-year comparisons:
- Supply: +4.2 percent
- Demand: +3.2 percent
- Occupancy: -0.9 percent to 81.2 percent
Average daily rate (ADR): +1.5 percent to AUD222.18
Revenue per available room (RevPAR): +0.6 percent to AUD180.43
STR analysts note that the 4.2 percent lift in supply (room nights available) caused the first year-over-year January occupancy decline in the market since 2013. Demand still grew without repeat business from Amway China and the Chinese New Year, each of which provided a performance boost in January 2017.
Regardless, the absolute occupancy level was well above the market’s historical average, and ADR growth pushed an overall RevPAR increase for the month.
STR will release full January results later this month. The January edition of STR’s market forecast is now available.