STR's preliminary October 2018 data for hotels in Sydney, Australia, indicates an occupancy-driven performance decline.

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

  • Supply: +3.5%
  • Demand: +1.7%
  • Occupancy: -1.8% to 84.9%
  • Average daily rate (ADR): +0.3% to AUD240.14
  • Revenue per available room (RevPAR): -1.5% to AUD203.93

According to STR analysts, performance was affected by new supply continuing to outpace demand (room nights sold). Sibos 2018, held 22-25 October, produced the best performing week with Wednesday, 24October achieving 95.9% occupancy and RevPAR of AUD281.94.

STR will release full October results later this month.

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.