STR: Global Occupancy and Room Rates Rising
STR Global has released preliminary data for the month of July 2015 for Dubai, London, Singapore, and Sydney, Australia. Of the four, Dubai recorded the highest occupancy increase over the same period in 2014, rising 26.1 percent to 57.6 percent. However, London, where occupancy increased just 2.7 percent over same period of 2014, had the highest overall occupancy of 88.3 percent, with Singapore just a few percentage points behind at 87.3 percent, a rise 1.8 percent rise over the same period in 2014.
Sydney had the highest increase in average daily rate, rising 6.4 percent over the same period in 2014 to US$138.30. London had the second-highest increase, with rates increasing 4.3 percent to US$235.77. As for RevPar, Dubai saw the largest jump, with a 22 percent increase over 2014 to US$96.22. Sydney recorded the second largest RevPar boost, rising 10 percent over 2014 to US$115.90.