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. 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 note 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).
STR will release March 2016 results during the week of 25 April.