LONDON — STR's preliminary July 2017 data for hotels in Sydney, Australia, indicates performance growth and for Hong Kong indicates strong performance growth.
Based on daily data from July, Sydney reported the following in year-over-year comparisons:
Based on daily data from July, Hong Kong reported the following in year-over-year comparisons:
The absolute occupancy level would be the highest for any July on record in Sydney. The absolute value in the metric was especially notable given the considerable supply growth in the market. Arsenal's visit for soccer matches against Sydney FC (13 July) and the Western Sydney Wanderers (15 July) produced two standout performance nights for the month with RevPAR growth of 18.6% and 26.8%, respectively.
Following a weak 2016, Hong Kong hotels are benefitting from a recovery in overnight arrivals from Mainland China, according to STR analysts. Statistics from the Hong Kong Tourism Board showed that visitor arrivals from Mainland China increased 2.3% for June year-to-date time period.
STR will release actual July 2017 results later this month.