Sydney hotels have posted record performance numbers for May, according to the latest preliminary data from STR.
Based on daily data from May, Sydney reported the following year-over-year comparisons:
-Occupancy: +2.3% to 84.3%
-Average daily rate (ADR): +7.7% to AUD214.48
-Revenue per available room (RevPAR): +10.1% to AUD180.85
“The absolute occupancy, ADR and RevPAR levels would be the highest for any May on record in the market,” STR revealed.
STR analysts note that performance was helped by a combination of events, such as Mercedes-Benz Fashion Week Australia (13-18 May) and Vivid Sydney (25 May-16 June).
The opening week of Vivid Sydney 2018 coincided with occupancy growth of 4.6% and an ADR increase of 5.4% when compared with the same Vivid Sydney 2017 dates.
STR will release full May results later this month.