STR: Preliminary January data for Sydney hotels
STR’s preliminary January 2020 data for hotels in Sydney, Australia, indicates lower performance.
Based on daily data from the month, Sydney reported the following in year-over-year comparisons:
- Supply: +1.7%
- Demand: -3.2%
- Occupancy: -4.9% to 75.7%
- Average daily rate (ADR): -2.1% to AUD206.42
- Revenue per available room (RevPAR): -6.8% to AUD156.18
January marked the 25th consecutive month of occupancy declines for the market, due primarily to supply growth. STR analysts note that the New South Wales bushfires and smoke haze have affected performance with a continuation of no additional demand being generated. The lack of significant demand growth is being exacerbated by the outbreak of novel coronavirus (COVID-19), as international arrivals from China make up a large part of inbound tourism in Australia.
STR will release full January results and a revised Sydney Centre forecast later this month.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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