STR: Melbourne hotel performance dips during COVID-19 outbreak
LONDON—STR’s preliminary data for Melbourne, Australia, shows lower hotel performance levels in February 2020 and the first week of March.
February preliminary data:
- Occupancy: -10.9% to 79.0%
- Average daily rate (ADR): -4.5% to AUD187.85
- Revenue per available room (RevPAR): -14.9% to AUD148.45
Weekly data from 1-8 March 2020 (year-over-year comparisons):
- Occupancy: -12.3% to 75.2%
- ADR: -8.7% to AUD179.05
- RevPAR: -19.9% to AUD134.73
As concerns have grown around COVID-19, STR analysts note that Melbourne reported occupancy, ADR and RevPAR declines for 35 consecutive days (3 February through 8 March). Cisco Live Melbourne (3-6 March) was among a significant number of events cancelled around the globe, which also affected performance comparisons during those days.
Early data for the weekend of 13-15 March shows a further COVID-19 impact, along with the last-minute cancellation of the Australian Grand Prix leading to double-digit declines in occupancy and RevPAR.
STR continues to monitor the coronavirus impact on the hotel industry. More information and analysis can be found here.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate 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), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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