STR's preliminary March 2017 data for Sydney, Australia, indicates significant demand and occupancy levels.
Based on daily data from March, Sydney reported the following in year-over-year comparisons:
- Supply: +4.2%
- Demand: +7.1%
- Occupancy: +2.8% to 91.2%
- Average daily rate (ADR): +5.8% to AUD242.92
- Revenue per available room (RevPAR): +8.8% to AUD221.55
The absolute occupancy level would be the highest for a March in Sydney since 1996. STR analysts note that performance levels received a boost from the Adele Live 2017 Australian Tour (10-11 March). Occupancy reached 95.2% and 98.1% on the two days, respectively. ADR was AUD260.67 on 10 March and AUD288.91 on 11 March.
Additionally, a favorable Easter calendar shift lifted performance growth in March. The opposite will occur in April.
STR will release actual March 2017 results later this month. The February edition of STR's Market Forecast is now available.