Despite a decline in occupancy due to year-over-year supply growth, this was Sydneys second-highest September RevPAR level on record, behind only the month of the 2000 Summer Olympics.
STR’s preliminary September 2017 data for hotels in Sydney, Australia, indicates rate-driven performance growth.
Based on daily data from September, Sydney reported the following in year-over-year comparisons:
- Supply: +2.3%
- Demand: +0.5%
- Occupancy: -1.7% to 84.5%
- Average daily rate (ADR): +4.9% to AUD215.72
- Revenue per available room (RevPAR): +3.1% to AUD182.29
Despite a decline in occupancy due to year-over-year supply growth, this was Sydney’s second-highest September RevPAR level on record, behind only the month of the 2000 Summer Olympics. STR analysts note that Sydney hotels posted their steepest occupancy declines on weekends, indicating that leisure business was most affected by the increase in supply.
STR will release full September 2017 results later this month.
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