The absolute occupancy level would be the highest for a March in Sydney since 1996, while the year-over-year increase in RevPAR was the highest for any month in Hong Kong since February 2012.
LONDON – STR‘s preliminary March 2017 data for Sydney, Australia, indicates significant demand and occupancy levels, while for Hong Kong indicates performance driven by significant demand growth
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.
Based on daily data from March, Hong Kong reported the following in year-over-year comparisons:
Supply: +1.1%
Demand: +8.3%
Occupancy: +7.1% to 89.8%
Average daily rate (ADR): +1.8% to HKD1,406.54
Revenue per available room (RevPAR): +9.0% to HKD1,262.77
The year-over-year increase in RevPAR was the highest for any month in Hong Kong since February 2012. Demand can be attributed to a number of special events, specifically Art Basel Hong Kong (20-26 March) and Hong Kong International Jewellery Show (2-6 March).
STR analysts also believe the Hong Kong hotel market is beginning to show signs of performance recovery with consecutive months of RevPAR growth at levels not seen in the market since 2012.
STR will release actual March 2017 results later this month. The February edition of STR’s Market Forecast is now available.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
