Strong November performance in Sydney
STR Global’s preliminary November data indicates another positive performance for Sydney accommodation providers.
Based on daily data from November, Sydney reported:
* increases in supply (+1.0 per cent) and demand (+1.2 per cent);
* a 0.2 per cent increase in occupancy to 90.4 per cent;
* a 5.4 per cent increase in average daily rate to $221.89; and
* a 5.7 per cent increase in revenue per available room to $200.51.
A 2.2-per cent increase in RevPAR is expected in 2015.
“Sydney achieved occupancy levels in excess of 90 per cent for the second month this year, translating into strong ADR growth, and pushing RevPAR levels to new heights of any November since 1995”, said Elizabeth Winkle, managing director of STR Global. “After a projected 3.7-per cent RevPAR increase in 2014, we are forecasting another 2.2 per cent growth in RevPAR, equally driven by growing occupancy and ADR levels.”
