STR reported that hotels in Sydney posted year-over-year growth in three key performance metrics for November, while the market in Singapore recorded a decline in the same period.
Hotels in the Australian city logged a 4.5% increase in revenue per available room to A$222.33, 3.4% growth in average daily rate to A$242.24 and a 1.1% climb in occupancy to 91.8%. Supply and demand also rose 3.6% and 4.7% November, respectively.
In contrast, Singaporean hotels' RevPAR dropped 5.9% to S$221.74, its average daily rate fell 4.2% to S$273.49 and occupancy declined 1.8% to 81.1%. Despite a dip in the key performance metrics, fundamentals in the Singapore hotel sector improved, with supply increasing 4.0% and demand climbing 2.2% in November.
STR said Sydney's absolute occupancy level in November was the third-highest after February 2010 and March 1996, while the market in Singapore's absolute occupancy level would align with the country's average through the first 10 months of this year at 81.7%.
As of Dec. 9, US$1 was equivalent to A$1.34 and S$1.43.