Sydney hotel occupancy improves to 40.5% in Q1 | Real Estate Asia
, Australia

Sydney hotel occupancy improves to 40.5% in Q1

Occupancy was at 37.4% in the same period last year.

The resumption of domestic and international travel bodes well for the hotel property market in Sydney. According to JLL, market recovery is predicted to fall in line with improved domestic air capacity over the short to medium term and international air capacity over the medium to longer term.

Data from JLL indicates that occupancy as at YTD March 2022 improved to 40.5% y-o-y versus 37.4% y-o-y for the same period last year. However, the market continued to be materially affected by the ongoing impact of COVID-19, illustrated by a pre-COVID-19 occupancy rate of 88.1% for the same period in 2019.

Here’s more from JLL:

Eight properties are currently under construction representing an increase of 8.8% on existing stock. 2022 openings are anticipated to add 1,017 rooms (4.6%).

A further 666 rooms are anticipated to be added, increasing total room stock by 3.1% in 2023; and 220 rooms are too be added in 2024, increasing total room stock further by 1%.

EBITDA begins to improve

With revenue improving and significant cost savings being achieved by owners over the last 2 years, we are seeing EBITDA recover.

Whilst the sector post COVID-19 has improved operating efficiency, the downside of this is a labour shortage and anticipated upward pressure on payroll costs.

Outlook: Progressive recovery continues to be anticipated

Trading conditions will continue to be constrained over the near term.

Investors continue to seek acquisition opportunities for quality assets and transactional activity has been increasing, signalling confidence in a medium to longer-term recovery. Some transactions of non-performing assets are occurring for alternate use/redevelopment and we expect this trend to continue whilst the sub-optimal trading conditions exist.

Note: Sydney Hotels refers to all grades of accommodation and includes both hotels and serviced apartments.

 

Follow the link for more news on

Pasokan ritel Jakarta akan mencapai 5 juta meter persegi tahun ini

Tiga mal baru saat ini sedang dalam tahap konstruksi.

Jakarta akan mendapatkan lebih dari 1.800 kamar hotel mewah baru pada akhir tahun ini

Ini akan menjadi angka tertinggi selama tiga tahun ke depan.

Perkantoran Jakarta diperkirakan mencapai 76% pada akhir tahun

Tingkat okupansi rata-rata  perkantoran di CBD mencapai 74,7% pada Q1.

Jakarta akan menyaksikan lebih dari 9.300 unit hunian baru pada 2026

Hampir setengah dari unit ini akan selesai tahun ini.

Apa yang dapat dipelajari oleh pengembang properti dari Azabudai Hills di Jepang

Pengembangan senilai US$4 miliar ini bertujuan untuk menjadi pusat internasional bagi warga asing dan perusahaan modal ventura.

JLL: Pasokan ritel utama di Jakarta diperkirakan akan 'langka'

Meskipun ada mal baru yang akan dibuka pada paruh pertama 2024.