Based on daily data from July, Sydney reported:
- a decrease in supply (-0.5%) and an increase in demand (+2.9%);
- a 3.5% increase in occupancy to 83.8%;
- a 6.4% increase in average daily rate to AUD187.33; and
- a 10.0% increase in revenue per available room to AUD156.95.
The 2.9% year-over-year increase in demand was Sydney’s highest demand growth in 14 months.
According to STR Global analysts, consistent conferences and corporate demand underpinned July results in Sydney as there were no major public events hosted in the market.
STR Global will release July 2015 results during the week of 24 August. The August edition of the STR Global Hotel Market Forecast also will be available at the end of the month.