Melbourne's hotels reported occupancy rose 0.7% to 89.4%, ADR increased 4% to 198.32 Australian dollars ($140.08) and RevPAR rose 4.7% to AU$177.24 ($125.19), according to preliminary February 2019 data from STR.
LONDON—STR’s preliminary February 2019 data for hotels in Melbourne indicates a significant occupancy level.
Based on daily data from February, Melbourne reported the following in year-over-year comparisons:
• Supply: +4.6%
• Demand: +5.3%
• Occupancy: +0.7% to 89.4%
• Average daily rate (ADR): +4.0% to AUD198.32
• Revenue per available room (RevPAR): +4.7% to AUD177.24
The absolute occupancy level would be the highest for any February in STR’s Melbourne database, despite the highest year-over-year supply growth rate in the market since March 2011. STR analysts partially attribute the performance levels to conferences held in the market. Additionally, daily data shows double-digit ADR and RevPAR growth on 23 February, due primarily to the opening of Harry Potter and the Cursed Child stage production which will run until 1 December.
STR will release full February results later this month.
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