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Record May performance numbers for Sydney hotels

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:
-Supply: +3.3%
-Demand: +5.6%
-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.

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