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STR: Sydney’s average daily rate up during March as demand continues

InterContinental Sydney guest window EDITED

Sydney’s hotels continue to perform well on the back of strong demand according to STR’s preliminary March 2016 data.

Based on daily data from March, Sydney reported the following in year-over-year comparisons:
-Increases in supply (+2.2%) and demand (+1.5%);
-A 0.6% decrease in occupancy to 88.6%;
-A 2.6% increase in average daily rate to AUD230.74; and
-A 2.0% increase in revenue per available room (RevPAR) to AUD204.47.

“Sydney hotels have benefitted from relatively slow supply growth tied with consistent demand,” STR says. “The marginal decline in March occupancy came in comparison with an exceptionally strong month in 2015, but the absolute level for the month remained high.”

STR analysts noted that weekend days (Friday and Saturday) provided the most growth for March with RevPAR at +4.8% compared to +2.9% for weekdays (Sunday through Thursday).

Pictured: InterContinental Sydney. Photo: IHG

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