LONDON – STR's preliminary May 2016 data for Sydney, Australia, indicates strong rate growth.

Based on daily data from May, Sydney reported the following in year-over-year comparisons:

  • increases in supply (+3.0%) and demand (+2.1%);
  • a 0.9% decrease in occupancy to 82.6%;
  • a 3.4% increase in average daily rate (ADR) to AUD200.10; and
  • a 2.5% increase in revenue per available room (RevPAR) to AUD165.40.

According to STR analysts, Sydney's hotels benefitted from a combination of events in May, most importantly the CeBIT 2016 business technology conference (2-4 May) and the Vivid Sydney cultural festival, which runs from late May through mid-June. On the opening Saturdayof Vivid Sydney (28 May), the market recorded a 7.6% increase in ADR compared with the same day in 2015.

STR will release May 2016 results later this month. The May edition of STR's Market Forecast is now available.

About STR

STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.

Jeff Higley (STR)
VP, Digital Media & Communications
+1 (615) 824-8664 ext. 3318
STR