Demand continues to outstrip supply in Sydney with the city recording an all-time performance high during May. Hotel analytics company STR reports that Sydney room numbers increased 3.3% over the previous year, customers demand was up 5.6% and occupancy grew 2.3% to 84.3%.
It’s great news for a number of new properties that opened over the past 12 months, including Paramount House Hotel in inner-city Surry Hills (pictured), recently named by Gourmet Traveller magazine as its ‘Hotel of the Year’.
STR says events were a big driver of demand during May, including Mercedes-Benz Fashion Week Australia and Vivid Sydney.
As a result Sydney’s average daily rate rose 7.7% to AUD214.48 and Revenue per available room gained 10.1%, reaching AUD180.85.