STR: Australia’s hotels regaining occupancy with restrictions eased
With lengthy lockdowns ending and travel restrictions easing, Australia’s hotel industry has seen recent improvement in hotel occupancy levels, according to preliminary data from STR through 31 October.
“Lockdowns and state travel restrictions have made the past four months extremely difficult for the hotel industry,” said Matthew Burke, STR’s regional manager for the Pacific region. “However, a progressive approach to vaccinations and the easing of restrictions have led to an increase in travelers and hotel demand with leisure guests driving performance. Based on our forward-looking data, and from the experience of Australia’s first recovery, we will likely see that leisure demand dominate recovery for the remainder of 2021.”
Key, STR-defined markets in the country each reached their highest daily occupancy level on 30 October (Saturday). Victoria (56.9%) was the highest after being as low as 22.6% just 6 days prior. Sydney Surrounding improved occupancy to as high as 48.4% after an early October low point of 10.6%. Sydney was below 20.0% in early October but improved to 37.0% during the final Saturday of the month. Melbourne had been stuck in the mid-20% range but climbed to 33.5%.
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. 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.