STR: Preliminary November data for Melbourne hotels
STR's preliminary November 2018 data for hotels in Melbourne, Australia, indicates performance declines.
Based on daily data from November, Melbourne reported the following in year-over-year comparisons:
- Supply: +3.8%
- Demand: +0.7%
- Occupancy: -3.0% to 86.6%
- Average daily rate (ADR): -0.4% to AUD201.90
- Revenue per available room (RevPAR): -3.3% to AUD174.92
Performance was affected by supply outpacing demand (room nights sold). STR analysts note that Melbourne hotels have seen consistent supply growth in 2018, and despite the annual major events such as the Spring Racing Carnival, it was difficult to fully absorb these new rooms.
Additionally, there were five cruise ships docked during the Melbourne Cup (5 November), which generated extra demand for the city, but also an extension of competition.
STR will release full November 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 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.