STR Global's preliminary August data show healthy gains in hotel performance for Sydney.
Based on STR Global daily data from August, preliminary data for Sydney includes:
* increases in supply (3.1 percent) and demand (5.2 percent);
* a 2.1-percent increase in occupancy to 85.5 percent;
* a 4.2-percent increase in average daily rate to AUD189.29; and
* a 6.4-percent rise in revenue per available room to AUD161.89.
"The Australian economy is still firm, supported by a strong Australian dollar", said Elizabeth Winkle, managing director of STR Global. "Demand showed a faster growth rate than supply, leading to good occupancy rates in August 2013. Australia remains a popular holiday destination for both European and Asian tourists due to its natural scenery and political stability".
"Forecasted numbers for this market have been revised upward in the most recent forecast released in August", said Naureen Ahmed, manager, marketing and analysis at STR Global. "We were expecting a slowdown due to trade tied to Asia. However, Sydney does not have as much trade impacting its economy, and government have implemented strong policies that have encouraged a positive environment".
STR Global will release final August 2013 results in two weeks. Revised 2013 forecasts will be available in November.
About STR Global:
STR Global provides clients-including hotel operators, developers, financiers, analysts and suppliers to the hotel industry-access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global provides a single source of global hotel data covering daily and monthly performance data, segmentation data, forecasts, annual profitability, pipeline and census information. Hotel operators can join the surveys on a complimentary basis and benefit from free industry data. STR Global is part of the STR family of companies and is proudly associated with STR, RRC Associates, STR Analytics and Hotel News Now. For more information, please visit www.strglobal.com.
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