Hotels in Melbourne reported occupancy fell 6.3% to 72.7% in June, according to preliminary monthly data from STR. ADR dipped 2.7% to 168.90 Australian dollars ($118.76) and RevPAR decreased 8.9% to AU$122.83 ($86.36).
STR’s preliminary June 2019 data for hotels in Melbourne, Australia, indicates strong supply affecting performance levels.
Based on daily data from the month, Melbourne reported the following in year-over-year comparisons:
• Supply: +5.2%
• Demand: -1.4%
• Occupancy: -6.3% to 72.7%
• Average daily rate (ADR): -2.7% to AUD168.90
• Revenue per available room (RevPAR): -8.9% to AUD122.83
June marked the fourth consecutive month of occupancy declines for the market. STR analysts note that growing supply continues to affect performance levels as the metric has outpaced demand for the fifth month in a row.
STR will release full June results later this month.
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.