STR’s preliminary October 2019 data for hotels in Melbourne, Australia, indicates performance affected by strong supply growth.
Based on daily data from the month, Melbourne reported the following in year-over-year comparisons:
• Supply: +4.4%
• Demand: +2.9%
• Occupancy: -1.4% to 85.2%
• Average daily rate (ADR): -3.5% to AUD188.95
• Revenue per available room (RevPAR): -4.9% to AUD160.98
October marked the eighth consecutive month of occupancy declines for the market and the lowest absolute occupancy level for the month since 2013. STR analysts note the effect of supply growth on occupancy and ADR levels even with a rise in demand. Daily data showed performance rather consistent with the corresponding days in 2018.
STR will release full October results later this month. The 2020 forecast update for Melbourne Centre will also be available.
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.
Logos, product and company names mentioned are the property of their respective owners.