STR: Preliminary July data for Sydney hotels
LONDON — STR's preliminary August 2019 data for hotels in Sydney, Australia, indicates lower performance due to supply growth.
Based on daily data from the month, Sydney reported the following in year-over-year comparisons:
- Supply: +2.0%
- Demand: -0.3%
- Occupancy: -2.3% to 78.9%
- Average daily rate (ADR): +0.6% to AUD197.73
- Revenue per available room (RevPAR): -1.7% to AUD156.10
Sydney has now seen 18 consecutive months of occupancy declines. However, July was the first month since October 2018 that Sydney posted an increase in ADR. STR analysts note that while overall performance was low, daily data showed that the highest performance increases were seen on 10 July, helped by the Holden State of Origin and the 3rd Annual Future Branches Summit (9-10 July).
STR will release full July results later this month.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. 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.
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