SYDNEY Fears of an immediate post-Olympic slump in Sydney have been proven unfounded according to the latest Hotel Property Digest update from Jones Lang LaSalle Hotels.
The Digest reveals that while national room night demand (RND) increased 1.2% during the December quarter 2000, Sydney City boasted an 11.4% boost in RND. However, year to date 2001 results indicate the influx of supply is taking its toll. Indicative results for the first two months of 2001 have shown decreases in occupancy and ADR for most geographic regions of Sydney, particularly the airport region.
It is generally recognized that Sydney experienced an artificial peak during 2000 as a result of the Olympics, and is likely to experience a softening in hotel operating performance during 2001, according to Jones Land LaSalle. (4/5/01)