Sydney’s hotels have continued to post solid numbers, reporting the second highest September RevPAR recorded, according to the latest STR data.
Based on daily data from September, Sydney reported the following in year-over-year comparisons:
-Supply: +2.3%
-Demand: +0.5%
-Occupancy: -1.7% to 84.5%
-Average daily rate (ADR): +4.9% to AUD$215.72;
-Revenue per available room (RevPAR): +3.1% to AUD$182.29
“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 said.
STR’s analysts also said Sydney hotels posted their steepest occupancy declines on weekends, indicating that leisure business was most affected by the increase in supply.