LONDON — STR's preliminary January 2017 data for Sydney, Australia, indicates performance driven by strong demand, while for Singapore indicates strong supply growth and low occupancy levels
Based on daily data from January, Sydney reported the following in year-over-year comparisons:
While Sydney's growth in ADR was notable, the 82.1% absolute occupancy level would be the highest for any January on record in the market. STR analysts note that the occupancy level was particularly impressive given that Sydney has experienced significant supply growth. A primary driver of January performance was the Amway China Leadership Seminar (6-18 January), which according to Australian Special Events, welcomed more than 8,000 international delegates to the market.
Based on daily data from January, Singapore reported the following in year-over-year comparisons:
The absolute RevPAR level would be the lowest for a January in Singapore since 2011. STR analysts note that the market continues to struggle from significant supply growth and weak demand performance. The country's 3.5% increase in supply for 2016 was the highest for a total year since 2011.
STR will release actual January 2017 results later this month.