STR: Preliminary November data for Sydney and Hong Kong hotels

STR analysts also note that November is the 40th consecutive month of year-over-year ADR growth in Sydney.

LONDON – STR’s preliminary November 2017 data for hotels in Sydney, Australia, indicates significant occupancy and rate levels, while November 2017 data for hotels in Hong Kong indicates significant performance levels.

Based on daily data from November, Sydney reported the following in year-over-year comparisons:

Supply: +3.7%
Demand: +2.7%
Occupancy: -1.0% to 90.8%
Average daily rate (ADR): +4.6% to AUD252.42
Revenue per available room (RevPAR): +3.6% to AUD229.22

Occupancy slipped slightly due to significant supply growth outpacing demand. Regardless, the market eclipsed 90% occupancy for the second November in a row. STR analysts also note that November is the 40th consecutive month of year-over-year ADR growth in Sydney.

Based on daily data from November, Hong Kong reported the following in year-over-year comparisons:

Supply: +3.1%
Demand: +4.5%
Occupancy: +1.4% to 94.3%
Average daily rate (ADR): +5.6% to HKD1,603.28
Revenue per available room (RevPAR): +7.1% to HKD1,511.50

The absolute occupancy level would be the highest for any month on record in Hong Kong. Additionally, the ADR increase was the first for a November in Hong Kong since 2011. According to STR analysts, strong inbound tourism, as well as MICE events, such as Cosmoprof Asia 2017 (14 – 16 November 2017), pushed demand.

STR will release full November 2017 results later this month.

Follow TravelDailyNews Asia-Pacific in Google News

Theodore Koumelis

Co-Founder & Managing Editor - TravelDailyNews Media Network | + Articles

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.