STR: Preliminary December Data For Melbourne Hotels
Melbourne's hotel occupancy rose 3% to 79.2% in December, according to preliminary monthly data from STR. ADR increased 2.3% to 186.59 Australian dollars ($128.45) and RevPAR rose 5.3% to AU$147.71 ($101.68).
LONDON - STR's preliminary December 2019 data for hotels in Melbourne, Australia, indicates higher performance led by demand.
- Supply: +4.6%
- Demand: +7.7%
- Occupancy: +3.0% to 79.2%
- Average daily rate (ADR): +2.3% to AUD186.59
- Revenue per available room (RevPAR): +5.3% to AUD147.71
STR analysts note that multiple events helped push performance levels for the month: the PGA Tour Presidents Cup (9-15 December) and the Boxing Day Test match (26-30). New Year's Eve also helped performance, with occupancy at an absolute level of 87.3% and ADR reaching AUD303.27 - the highest daily rate for the month.
STR will release full December results later this month.
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.