STR: Preliminary June data for Melbourne hotels
STR's preliminary June 2018 data for hotels in Melbourne, Australia, indicates strong growth in both supply and demand. Based on daily data from June, Melbourne reported the following in year-over-year comparisons:
LONDON -- STR's preliminary June 2018 data for hotels in Melbourne, Australia, indicates strong growth in both supply and demand.
Based on daily data from June, Melbourne reported the following in year-over-year comparisons:
- Supply: +2.5%
- Demand: +2.7%
- Occupancy: +0.2% to 77.7%
- Average daily rate (ADR): -1.1% to AUD173.64
- Revenue per available room (RevPAR): -0.9% to AUD134.99
Despite demand (room nights sold) outpacing supply, hotels in Melbourne reported a second consecutive month with year-over-year declines in ADR and RevPAR. STRanalysts note that this decrease was likely because of the winter season in the market.
The State of Origin match between NSW and QLD helped occupancy reach 94.3% on 6 June, boosting overall occupancy for the month.
STR will release full June results later this month. The May edition of STR's Market Forecast available now for Melbourne and a host of other markets across the globe.
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CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
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