STR’s preliminary May 2016 data for Sydney, Australia, indicates strong rate growth.
Based on daily data from May, Sydney reported the following in year-over-year comparisons:
- increases in supply (+3.0%) and demand (+2.1%);
- a 0.9% decrease in occupancy to 82.6%;
- a 3.4% increase in average daily rate (ADR) to AUD200.10; and
- a 2.5% increase in revenue per available room (RevPAR) to AUD165.40.
According to STR analysts, Sydney’s hotels benefitted from a combination of events in May, most importantly the CeBIT 2016 business technology conference (2-4 May) and the Vivid Sydney cultural festival, which runs from late May through mid-June. On the opening Saturday of Vivid Sydney (28 May), the market recorded a 7.6% increase in ADR compared with the same day in 2015.
STR will release May 2016 results later this month. The May 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.
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