STR: Preliminary February data for Melbourne hotels
LONDON—Amid tightened restrictions, Melbourne’s hotel industry reported lower performance levels compared with previous months, according to preliminary February 2021 data from STR.
Year-over-year declines remained significant in comparison with February 2020:
- Occupancy: 36.3% (-54.2%)
- Average daily rate (ADR): AUD144.75 (-22.9%)
- Revenue per available room (RevPAR): AUD52.57 (-64.7%)
Each of the three key performance metrics were the lowest in the market since November 2020. Performance levels were affected by tightened restrictions across Victoria, despite the rescheduled Australian Open tennis tournament taking place in February. Much of the event was played in front of no crowds, and the state returned to “COVIDSafe” settings on Friday, 26 February, allowing travel within Victoria.
Occupancy on the books as of 1 March shows Melbourne at 23% for the next 90 days with pickup expected to increase as vaccinations roll out and state borders remain open.
All of STR’s COVID-19 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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