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STR announced it will release full January results for Sydney later this month STR announced it will release full January results for Sydney later this month

STR: Sydney Experiencing Supply and Demand Growth

STR’s preliminary January data for hotels in Sydney, Australia, has indicated a significant growth in both supply and demand.

Based on daily data from January, STR analysts reported that Sydney’s 4.2 percent supply lift (room nights available) caused the market’s first year-over-year January occupancy decline since 2013.Demand still grew by 3.2 percent without repeat business from Amway China and the Chinese New Year, each of which provided a performance boost in January 2017.

Regardless, the absolute occupancy level was a negative 0.9 percent to 81.2 percent, well above the market’s historical average, and ADR showed a growth of AUD222.2 (USD174.7), representing a 1.5 percent growth. Finally, RevPAR recorded a 0.6 percent increase resulting to AUD180.43 (USD141.9) for the month.