Sydney Hotel Industry Reports RevPAR Decline for May 2019

Sydney Hotel Industry Reports RevPAR Decline for May 2019

Sydney Hotel Industry Reports RevPAR Decline for May 2019

STR’s preliminary May 2019 data for hotels in Sydney indicates performance consistent with supply outpacing demand.

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

• Supply: +1.8%
• Demand: +0.5%
• Occupancy: -1.3% to 81.5%
• Average daily rate (ADR): -3.2% to AUD207.72
• Revenue per available room (RevPAR): -4.4% to AUD169.23

May marked the seventh consecutive month of ADR declines for the market. STR analysts note that ADR continues to reflect softened demand in Sydney. The Airport precinct, which has experienced a large increase in hotel inventory over the past 18 months, has attracted more of that demand. Additionally, opening weekend of Vivid (24-25 May) resulted in a 1.7% decline in Sydney’s occupancy and a 7.8% decrease in the market’s ADR.

STR will release full May results later this month.

STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str website.

Source : Hotel News Resource

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