Sydney’s hotels experience record revPAR (revenue per available room) in November 2013.
According to the latest data from STR Global, the city’s revPAR jumped 8.7% last month to AU$191.09 (approximately US$171).
This growth was driven by a mix of factors, with occupancy levels rising 3.2% to a very strong 90.2%, and average daily rates (ADR) climbing 5.4% to AU$211.93. Both of these figures also marked new record levels for the city.
“Sydney continues its positive trend and this month the market posts record levels in all three performance measures since STR Global started tracking numbers for this market,” said Elizabeth Winkle, managing director of STR Global. “ADR is expected to drive the moderate revPAR performance in 2014, while occupancy remains flat”.
As mentioned by Ms Winkle, Sydney’s revPAR growth is expected continue next year, but at a slower pace. For full-year 2014, the city is expected to see revPAR growth of 1.2%.
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