STR: Preliminary November data for Sydney hotels
LONDON—STR’s preliminary November 2019 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: +1.9%
- Demand: -1.6%
- Occupancy: -3.4% to 86.5%
- Average daily rate (ADR): -3.9% to AUD233.61
- Revenue per available room (RevPAR): -7.2% to AUD202.06
November marked the 23rd consecutive month of occupancy declines for the market, most of which were supply-driven. STR analysts partially attribute the decline in demand for November to significant bushfires in the country.
STR will release full November results 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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