Sydney’s hotel performance has continued to improve in 2014.
Releasing the city’s results for January, STR Global revealed that demand (+6.9%) continued to outpace supply (+2.1%). This allowed hotel occupancy to rise 4.7% year-on-year to 80.5% and average daily rates (ADR) to jump 7.7% to AU$198.31 (approximately US$179). RevPAR (revenue per available room) increased 12.8% to a strong AU$159.70.
“After two years of revPAR decline in January, Sydney recorded double-digit growth in this measure, posting record levels of any January in the three key performance measures since STR Global began collecting data for this market,” said Elizabeth Winkle, managing director of STR Global.
January’s revPAR growth marks an acceleration from the 8.5% increase seen in December 2013.
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