LONDON – Melbourne’s hotel occupancy was its highest for any month since February 2020, according to preliminary March data from STR.
- Occupancy: 77.3%
- Average daily rate (ADR): AUD245.13
- Revenue per available room (RevPAR): EUR189.47
The market’s ADR and RevPAR levels were its highest for any month on record, while occupancy remained 9.8% below the pre-pandemic comparable. Occupancy improvement has been somewhat limited by new supply growth (+5.3% over 2022).
Daily data shows that the market recorded its highest occupancy level (90.7%) on Friday, 31 March – the first day of the Australian Grand Prix race weekend. The second and third highest occupancy levels were posted on 2 and 3 March, at 90.6% and 90.1%, respectively, helped by the Ed Sheeran tour.
Further STR analysis can be found here.
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets. For more information, please visit str.com and costargroup.com.
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