The start of the Cricket World Cup led to Sydney‘s hotels posting record operating figures in February 2015.
According to the latest preliminary data from STR Global, the city’s average daily rate (ADR) jumped 8.2% to AU$233.69 (approximately US$178) last month, as cricket fans descended on the city for the tournament, including South Africa’s match against the West Indies, which was played at the Sydney Cricket Ground (SCG) on 27 February.
Sydney’s already high occupancy rates climbed another 1.1% last month, to an average of 91.4%, while city-wide revPAR (revenue per available room) surged 9.4% to AU$213.62.
“Sydney reported record levels in the three key performance measures of any February for the last two decades, driven by the ICC Cricket World Cup 2015,” said Elizabeth Winkle, managing director of STR Global.
“The outlook for 2015 remains positive for the metropolis, with occupancy levels in excess of 80%, and ADR mainly driving the growing hotel performance for the year.”
And the World Cup is expected to provide a continued boost for Sydney’s hotels this month, after the city hosted the Australia-Sri Lanka match on 8 March. Quarter-final and semi-final matches will also be played at the SCG.
STR Global has forecast that Sydney’s hotels will experience full-year revPAR growth of 3.0% in 2015.
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