STR’s preliminary January 2017 data for Sydney, Australia, indicates performance driven by strong demand.
Based on daily data from January, Sydney reported the following in year-over-year comparisons:
- Supply: +3.6%
- Demand: +4.8%
- Occupancy: +1.1% to 82.1%
- Average daily rate (ADR): +7.8% to AUD219.31
- Revenue per available room (RevPAR): +9.0% to AUD180.08
While Sydney’s growth in ADR was notable, the 82.1% absolute occupancy level would be the highest for any January on record in the market. STR analysts note that the occupancy level was particularly impressive given that Sydney has experienced significant supply growth. A primary driver of January performance was the Amway China Leadership Seminar (6-18 January), which according to Australian Special Events, welcomed more than 8,000 international delegates to the market.
STR will release actual January 2017 results later this month.