STR’s preliminary May 2017 data for Sydney, Australia, indicates significant performance growth.
Based on daily data from May, Sydney reported the following in year-over-year comparisons:
- Supply: +3.4%
- Demand: +5.9%
- Occupancy: +2.4% to 84.6%
- Average daily rate (ADR): +7.9% to AUD215.06
- Revenue per available room (RevPAR): +10.5% to AUD181.92
The absolute occupancy and ADR levels would be the highest on record for a May in Sydney.
STR analysts note that daily occupancy eclipsed 90% 10 times during the month with a high level of 96.9% on 3 May. Events driving demand during May included DesignBUILD (3-5 May), Australian Tourist Exchange (14-18 May), CeBIT Australia (23-25 May), Liverpool FC v Sydney FC (24 May) and opening week of Vivid Sydney (26 May-17 June).
STR will release actual May 2017 results later this month. The May edition of STR’s Market Forecast is now available.
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