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Sydney hotel occupancies and rates run white-hot

June 21, 2018 Headline News No Comments Email Email

It’s not hard to see why Sydney is gaining new hotels again – STR, the US-based global hotel analysis company, says absolute occupancy, average daily rate and RevPAR (revenue per available room) in Sydney during May hit the highest levels for that month ever recorded.

STR’s preliminary May 2018 data for hotels in Sydney indicates strong demand and significant performance levels.

Based on daily data from May, Sydney reported the following in year-over-year comparisons:

  • Supply: +3.3%
  • Demand: +5.6%
  • Occupancy: +2.3% to 84.3%
  • Average daily rate (ADR): +7.7% to AUD 214.48
  • Revenue per available room (RevPAR): +10.1% to AUD180.85

The absolute occupancy, ADR and RevPAR levels would be the highest for any May on record in the market, STR said.

STR analysts note that performance was helped by a combination of events, such as Mercedes-Benz Fashion Week Australia (13-18 May) and Vivid Sydney (25 May-16 June). The opening week of Vivid Sydney 2018 coincided with occupancy growth of 4.6% and an ADR increase of 5.4% when compared with the same Vivid Sydney 2017 dates.

STR will release full May results later this month.

W Hotels, part of Marriott International, is the latest to confirm it is coming to Sydney. W Hotels is opening an extraordinary and striking new-build 593-guestroom hotel that’s part of a harbourside development called ‘The Ribbon’. See: Marriott’s dramatic Ribbon set to change Sydney skyline

Striking newbuild hotel coming. W Sydney

Sydney hotels have been running hot for several years. Five-star hotel occupancy rates in the city hit 95% in the early months of last year.

“We have seen strong sustained demand increases for accommodation in Sydney over the last few years and this has had considerable impact on not only the rates achieved by hotels but also whether those travelling for business or leisure can even get a room” Australasian chief executive of JLL Hotels & Hospitality Group, Craig Collins, told the Australian Financial Review at the time.

Collins added that Sydney’s occupancy rates in the first quarter of 2017, taken for the year to date at that time, had become the highest in the world, outstripping global visitor destinations like New York, London, Paris and Hong Kong.

Written by Peter Needham

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