LONDON -- STR's preliminary March 2018 data for hotels in Sydney, Australia, indicates performance consistent with significant growth in both supply and demand.

Based on daily data from March, Sydney reported the following in year-over-year comparisons:

  • Supply: +5.1%
  • Demand: +2.6%
  • Occupancy: -2.3% to 88.8%
  • Average daily rate (ADR): +3.2% to AUD250.19
  • Revenue per available room (RevPAR): +0.8% to AUD222.16

STR analysts note that demand (room nights sold) remains strong in the market, which continues to attract leisure and business guests. The dip in occupancy was expected due to a recent spike in supply, which is the highest in Sydney since the time of the 2000 Summer Olympics. Regardless, ADR growth was enough to push RevPAR into positive territory for the month.

STR will release full March results later this month. The January edition of STR's Market Forecast and the 2017 Global Hotel Study are now available.

About STR

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.

Alex Anstett
Media & Communications Coordinator - STR
STR