STR Reports July 2014 Performance of Hotels in Singapore and Sydney

STR Global’s preliminary July 2014 data for hotels in Singapore indicates positive performance in the three key performance measures.

Based on daily data from July, hotels in Singapore reported:

- increases in supply (+1.8%) and demand (+4.4%);
- a 2.5% increase in occupancy to 87.4%;
- a 1.3% increase in average daily rate to Sin$288.95; and
- a 3.9% growth in revenue per available room to Sin$252.41.

“Singapore reported increases in occupancy performance, achieving levels in the excess of 80% for the fifth month in a row,” said Elizabeth Winkle, managing director of STR Global. “ADR grew moderately for the month, resulting in an overall positive RevPAR performance, following two months of declines in this measure.”

Sydney

Sydney’s preliminary July 2014 data indicates a mainly negative trend. Based on daily data from July, hotels in Sydney reported:

- an increase in supply (+0.8%) and a decline in demand (-1.2%);
- a 2.0% decrease in occupancy to 81.5%;
- a 5.4% decrease in average daily rate to A$178.55; and
- a 7.3% decline in revenue per available room to A$145.55.

“Sydney experienced the first decline in RevPAR since March 2013, as both occupancy and ADR decreased for the month,” Elizabeth said. “ADR was the primary cause for the overall drop in hotel performance compared to June 2013, when the International Congress of Movement Disorder Society was held and produced strong rates for the market.”