STR’s preliminary September 2018 data for hotels in Sydney, Australia, indicates performance declines.
Based on daily data from September, Sydney reported the following in year-over-year comparisons:
- Supply: +5.7%
- Demand: +3.9%
- Occupancy: -1.7% to 82.8%
- Average daily rate (ADR): -0.8% to AUD211.38
- Revenue per available room (RevPAR): -2.5% to AUD174.95
According to STR analysts, the overall performance decline is primarily the result of new supply. September was the sixth consecutive month with year-over-year supply growth above 5% in the market. With subsequent occupancy declines, operators have lowered rates. On a positive note, solid demand growth kept occupancy above 80% and the 10-year average in the market.
STR will release full September results later this month.
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