Sydney’s hotels have posted strong January 2017 numbers on the back of significant demand.
Based on STR’s daily data from January, Sydney reported major gains in year-over-year comparisons.
Supply was up 3.6%, demand was up +4.8%, occupancy jumped 1.1% to 82.1%, average daily rate (ADR) grew 7.8% to AUD$219.31 and revenue per available room (RevPAR) was up a huge 9.0% to AUD$180.08.
“While Sydney’s growth in ADR was notable, the 82.1% absolute occupancy level would be the highest for any January on record in the market,” STR said.
“STR analysts note that the occupancy level was particularly impressive given that Sydney has experienced significant supply growth.
“A primary driver of January performance was the Amway China Leadership Seminar (6-18 January), which according to Australian Special Events, welcomed more than 8,000 international delegates to the market,” STR said.
STR will release actual January 2017 results later this month.