STR: Sydney hotel rates reached pandemic-era highs in December
LONDON - Reflecting the beginning of summer and impact of the holiday season, Sydney’s hotel industry reported its highest room rates of the pandemic-era, according to preliminary December 2021 data from STR.
- Occupancy: 45.0%
- Average daily rate (ADR): AUD236.64
- Revenue per available room (RevPAR): AUD106.38
The market’s absolute ADR level was its highest for any month since December 2019, while occupancy and RevPAR were the highest since May and April 2021, respectively.
On 31 December, Sydney’s ADR (AUD533.81) was the highest in the market since 31 December 2019 (AUD651.85), while RevPAR (AUD287.57) was the highest since 1 January 2020 (AUD327.62). Additionally, daily occupancy for the month peaked at 65.3% on 11 December.
Looking ahead, STR’s latest Forward STAR data shows Sydney’s highest occupancy on the books on 15 January (32.0%), demonstrating the continued uncertainty and subsequent hesitation of guests to book too far in advance.
All of STR’s COVID-19 analysis can be found here.
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.