Hotels in Sydney reported mixed results
While occupancy decreased 1.7% to 84.5%, a 4.9% ADR increase to 215.72 Australian dollars ($168.12) drove RevPAR up 3.1% to AU$182.29 ($142.07).
Based on daily data from September, Sydney reported in year-over-year comparisons supply: +2.3%; demand: +0.5%; occupancy: -1.7% to 84.5%; average daily rate (ADR): +4.9% to AUD215.72; and revenue per available room (RevPAR): +3.1% to AUD182.29.
Despite a decline in occupancy due to year-over-year supply growth, this was Sydney’s second-highest September RevPAR level on record, behind only the month of the 2000 Summer Olympics.
STR analysts note that Sydney hotels posted their steepest occupancy declines on weekends, indicating that leisure business was most affected by the increase in supply. ■