STR releases preliminary July 2016 data for Sydney
STR's preliminary July 2016 data for Sydney, Australia, indicates positive performance driven by rate.Based on daily data from July, Sydney reported the following in year-over-year comparisons:
LONDON -- STR's preliminary July 2016 data for Sydney, Australia, indicates positive performance driven by rate.
Based on daily data from July, Sydney reported the following in year-over-year comparisons:
- increases in supply (+3.4%) and demand (+3.5%);
- a 0.1% increase in occupancy to 83.4%;
- a 6.5% increase in average daily rate (ADR) to AUD198.20; and
- a 6.7% increase in revenue per available room (RevPAR) to AUD165.25.
STR analysts note that performance was helped by the Travel Industry Exhibition (18-19 July) and the Sydney International Boat Show (28 July to 1 August).
STR will release actual July 2016 results during the week of 22 August. The August edition ofSTR's Market Forecast will be available at the end of the month.
A note to editors: As of 1 March 2016, all references to STR data and analysis should cite "STR" as the source. Please refrain from citing "STR, Inc." "Smith Travel Research" or "STRGlobal" in sourcing as those names no longer fit within the updated STR brand.
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CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
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