STR’s preliminary November 2016 data for Sydney, Australia, indicates significant levels of occupancy and average daily rate.
Based on daily data from November, Sydney reported the following in year-over-year comparisons:
- increases in supply (+3.6%) and demand (+4.7%);
- a 1.1% increase in occupancy to 91.8%;
- a 3.4% increase in average daily rate (ADR) to AUD242.24; and
- a 4.5% increase in revenue per available room (RevPAR) to AUD222.33.
The absolute occupancy level would be the third highest for any month on record in Sydney after February 2010 and March 1996. The ADR level would be the third highest behind February 2016 and September 2000. Sydney experienced three straight nights (17-19 November) with occupancy above 90% as the market hosted a World Rally Championship event and Australian Open Golf.
ADR in the market has now grown year over year for 28 consecutive months. That trend has continued even with consistent supply growth (+3.3% year to date through October).
STR will release actual November 2016 results later this month. The November 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.
Logos, product and company names mentioned are the property of their respective owners.