STR: Preliminary July data for Sydney hotels
Based on daily data from July, Sydney reported the following in year-over-year comparisons:
- Supply: +5.1%
- Demand: -2.2%
- Occupancy: -7.0% to 80.5%
- Average daily rate (ADR): -6.9% to AUD194.05
- Revenue per available room (RevPAR): -13.4% to AUD156.120
July was the second consecutive month with year-over-year declines in each of the three key performance metrics. STR analysts note the absolute ADR level was the lowest for any month since September 2014, while absolute occupancy was the lowest for a July since 2009.
The drop in demand was partly due to fewer significant events during the month, which also translated into lower rates. For example, in July 2017, Arsenal played two matches in Sydney on its summer tour.
STR will release full July results later this month. The August edition of STR's Market Forecast will be available later this month for Sydney and a host of other markets across the globe.
Media & Communications Coordinator - STR
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.