The WPJ
Vacation Real Estate News
Sydney Hotel Market Performance Upticks in May
According to STR Global's preliminary hotel data, Sydney's hotel sector enjoyed several positive performance trends for May 2014.
"Demand for Sydney picked up in May while supply growth continued to slow, leading to occupancy levels in excess of 80.0 percent for the fourth month in a row", said Elizabeth Winkle, managing director of STR Global. "ADR growth remained strong, and at record levels, and is expected to drive an overall positive RevPAR performance for the remaining year".
Based on daily data from May, Sydney reported:
- Increases in supply (+1.2 percent) and demand (+5.0 percent);
- A 3.7-percent increase in occupancy to 80.8 percent;
- A 4.9-percent growth in average daily rate to AUD191.50; and
- A 8.9-percent increase in revenue per available room to AUD154.78.
Sydney's RevPAR is expected to increase 2.1 percent during 2014.
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