STR Global’s preliminary May data indicate a positive trend for Sydney.
Based on daily data from May, Sydney reported:
- increases in supply (+1.2 percent) and demand (+5.0 percent);
- a 3.7-percent increase in occupancy to 80.8 percent;
- a 4.9-percent growth in average daily rate to AUD191.50; and
- a 8.9-percent increase in revenue per available room to AUD154.78.
“Demand for Sydney picked up in May while supply growth continued to slow, leading to occupancy levels in excess of 80.0 percent for the fourth month in a row”, said Elizabeth Winkle, managing director of STR Global. “ADR growth remained strong, and at record levels, and is expected to drive an overall positive RevPAR performance for the remaining year”.
STR Global will release May 2014 results in two weeks. The May edition of the STR Global Hotel Market Forecast is now available.
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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