Hotels in Melbourne Report 2.5 Percent RevPAR Increase for August 2017
According to preliminary August 2017 data from STR, Melbourne hotels saw occupancy increase 2.5% year over year to 85.1%. ADR was flat at 176.51 Australian dollars ($141.62) and RevPAR rose 2.5% to AU$150.22 ($120.53).
STR’s preliminary August 2017 data for hotels in Melbourne, Australia, indicates steady performance.
Based on daily data from August, Melbourne reported the following in year-over-year comparisons:
- Supply: +3.2%
- Demand: +5.8%
- Occupancy: +2.5% to 85.1%
- Average daily rate (ADR): flat at AUD176.51
- Revenue per available room (RevPAR): +2.5% to AUD150.22
Melbourne’s hotel demand (rooms sold) continues to exceed steady supply (rooms available) growth. STR analysts note, however, that the additional supply is affecting the market’s room prices, as shown in the flat rate performance for the month. Nonetheless, the RevPAR increase is the first for an August in Melbourne since 2013.
STR will release full August 2017 results later this month.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
Categories: Market Reports