STR: Preliminary January Data For Sydney Hotels
STR's preliminary January 2019 data for hotels in Sydney indicates lower occupancy and room rates influenced by supply growth. Based on daily data from January, Sydney reported the following in year-over-year comparisons:
LONDON - STR's preliminary January 2019 data for hotels in Sydney indicates lower occupancy and room rates influenced by supply growth.
Based on daily data from January, Sydney reported the following in year-over-year comparisons:
- Supply: +2.7%
- Demand: +1.4%
- Occupancy: -1.3% to 79.5%
- Average daily rate (ADR): -4.1% to AUD210.81
- Revenue per available room (RevPAR): -5.3% to AUD167.68
The absolute occupancy level would be the lowest for a January in Sydney since 2014. STR analysts cite supply growth as the reason for lower occupancy levels and pressure on hotelier pricing power. New Year's Day was the top performer in January with RevPAR close to AUD320. The market set a New Year's Eve RevPAR record (AUD617.71) the night before.
STR will release full January results later this month.
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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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