Sydney Hotel Industry Reports Slight RevPAR Increase for January 2018
Sydney’s hotel market reported occupancy fell 0.9% to 81.2% in January, according to preliminary monthly data from STR. ADR, however, increased 1.5% to 222.18 Australian dollars ($173.89), which raised RevPAR 0.6% to AU$180.43 ($141.22).
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%
- Demand: +3.2%
- Occupancy: -0.9% to 81.2%
- Average daily rate (ADR): +1.5% to AUD222.18
- Revenue per available room (RevPAR): +0.6% to AUD180.43
STR analysts note that the 4.2% 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.
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.
Categories: Market Reports