STR: Sydney hotels recorded highest performance of pandemic-era in November
Sydney’s hotel industry recorded its highest performance levels of the pandemic-era, according to preliminary November 2022 data from STR.
- Occupancy: 79.8%
- Average daily rate (ADR): AUD273.07
- Revenue per available room (RevPAR): AUD217.79
The market’s ADR level was the highest for any month on record except for September 2000, when it hosted the Sydney Olympics. Occupancy and RevPAR were the highest since November 2019 and February 2019, respectively. Despite the pandemic-era high, occupancy remained 7.9% below the 2019 comparable.
When looking at daily data, Sydney recorded 27 days of occupancy levels above 70%, with the highest occupancy occurring on 12 November (90.5%) and 19 November (89.0%).
STR’s occupancy-on-the-books data reflects continued improving occupancy through December and January. As of 5 December, the metric was at 79% for New Year’s Eve.
More of STR’s 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 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.