STR’s preliminary October 2018 data for hotels in Sydney, Australia, indicates an occupancy-driven performance decline.
Based on daily data from October, Sydney reported the following in year-over-year comparisons:
• Supply: +3.5%
• Demand: +1.7%
• Occupancy: -1.8% to 84.9%
• Average daily rate (ADR): +0.3% to AUD240.14
• Revenue per available room (RevPAR): -1.5% to AUD203.93
According to STR analysts, performance was affected by new supply continuing to outpace demand (room nights sold). Sibos 2018, held 22-25 October, produced the best performing week with Wednesday, 24 October achieving 95.9% occupancy and RevPAR of AUD281.94.
STR will release full October results later this month.
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