Sydney’s hotel market is booming with record November demand – absolute occupancy of 91% – allowing yield and revenue managers to push room rates hard. Average daily rate rose 7.6% to $235 while revenue per available room was up 8.5%.
The 91.0% absolute occupancy level would be the highest for any November in Sydney since 1995,”STR said.
“Demand growth in the market outpaced supply growth in each of the first 11 months of 2015, and hoteliers have capitalized on the pricing power. ”
Events were a strong demand driver with Taylor Swift and AC/DC performing during the month while the Emirates Australian Open golf tournament was held from 27-30 November.