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STR: Preliminary March data for Sydney hotels

April 15, 2019 Hotel Trends No Comments

STR’s preliminary March 2019 data for hotels in Sydney indicates lower performance.http://www.stevecafeandcuisine.com/

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.

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