Based on daily data from May, Sydney reported the following in year-over-year comparisons:
- increases in supply (+3.0%) and demand (+2.1%);
- a 0.9% decrease in occupancy to 82.6%;
- a 3.4% increase in average daily rate (ADR) to AUD200.10; and
- a 2.5% increase in revenue per available room (RevPAR) to AUD165.40.
According to STR analysts, Sydney’s hotels benefitted from a combination of events in May, most importantly the CeBIT 2016 business technology conference (2-4 May) and the Vivid Sydney cultural festival, which runs from late May through mid-June. On the opening Saturdayof Vivid Sydney (28 May), the market recorded a 7.6% increase in ADR compared with the same day in 2015.
STR will release May 2016 results later this month. The May edition of STR’s Market Forecast is now available.