STR’s preliminary September 2019 data for hotels in Sydney, Australia, indicates low occupancy.
Based on daily data from the month, Sydney reported the following in year-over-year comparisons:
- Supply: +1.6%
- Demand: -2.0%
- Occupancy: -3.5% to 79.6%
- Average daily rate (ADR): -2.6% to AUD205.44
- Revenue per available room (RevPAR): -6.1% to AUD163.60
The absolute occupancy would be the lowest for a September in Sydney since 2009, and RevPAR has now declined year over year in the market for 18 consecutive months. STR analysts note that overall performance has been affected by steady supply outpacing demand. Additionally Sibos, a major financial services conference, was held in London this year, as opposed to the year prior when it was held in Sydney, which contributed to the declines in demand and occupancy.
STR will release full September results later this month.
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