STR: Preliminary March data for Sydney hotels
STR: Preliminary March data for Sydney hotels
12 APRIL 2019 9:07 AM

Preliminary March data for Sydney's hotel market shows occupancy declined 1.3% for the month.

LONDON—STR’s preliminary March 2019 data for hotels in Sydney indicates lower performance.

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

• Supply: +2.7%
• Demand: +1.3%
• Occupancy: -1.3% to 87.2%
• Average daily rate (ADR): -6.8% to AUD230.94
• Revenue per available room (RevPAR): -8.0% to AUD201.36

The absolute occupancy level would be the lowest for a March in Sydney since 2014. The decrease in ADR marks the first year-over-year decline in the metric for any March since 2009. STR analysts partially attribute the lower performance levels to a steady rise in supply and shifts in demand to lower average rate properties in submarkets of Sydney. Additionally, the year-over-year comparison was impacted by a high ADR event on 14-16 March 2018, when Sydney hosted the Australian-ASEAN Business Summit.

STR will release full March results later this month.

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