- a decrease in supply (-1.0 percent) and an increase in demand (+0.8 percent);
- a 1.8-percent increase in occupancy to 89.3 percent;
- a 9.2-percent increase in average daily rate to AUD228.07; and
- an 11.1-percent increase in revenue per available room to AUD203.68.
“Sydney reported a double-digit increase in revenue per available room, driven by average daily rate for March 2015”, said Elizabeth Winkle, managing director of STR Global. “Occupancy levels were just shy of 90 percent. Sydney consistently performs at a high level, and coupled with increased demand generated by the Cricket World Cup, March is an exceptionally strong month”.
STR Global will release March 2015 results in one week. The April edition of the STR Global Hotel Market Forecast is now available.