The absolute occupancy level would be the lowest for a January in Sydney since 2014. STR analysts cite supply growth as the reason for lower occupancy levels and pressure on hotelier pricing power. New Year’s Day was the top performer in January with RevPAR close to AUD320. The market set a New Year’s Eve RevPAR record (AUD617.71) the night before.

STR will release full January results later this month.

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STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.