STR: Preliminary March data for Sydney hotels
Reflecting the circumstances around the COVID-19 pandemic, STR's preliminary data for Sydney, Australia, shows significantly lower hotel performance across the three key performance metrics.
Comparison with March 2019:
- Occupancy: -47.0% to 46.2%
- Average daily rate (ADR): -11.1% to AUD204.89
- Revenue per available room (RevPAR): -52.9% to AUD94.56
Daily data for the month shows 31 consecutive days of double-digit RevPAR declines. The daily percentage declines escalated from the enactment of additional government containment measures which took effect on 22 March.
STR continues to monitor the coronavirus impact on the hotel industry. More information and analysis can be found here.
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.