STR: Australia hotels show holiday demand lift
Lifted by the upcoming holiday season, occupancy on the books is rising in Australia’s key hotel markets with Brisbane and Adelaide nearing 70% for New Year’s Eve, according to STR’s Forward STAR.
Following lower periods next week, Adelaide, Brisbane, Melbourne, and Sydney each show rising occupancy on the books after Christmas that eventually builds to high points on 31 December.
Adelaide, with early December peaks above 70% for this coming weekend (Ashes Test), dips as low as 31.6% (21 December) before gradually rising to 67.4% on New Year’s Eve. Brisbane, which falls as low as 41.8% (22 December), rises to a high of 68.5% on New Year’s Eve. Melbourne and Sydney occupancy on the books hit highs of 57.9% and 53.0%, respectively.
“Booking levels obviously tail off after the holiday, which is partly due to continued uncertainty, but also because of the traditional shift to business demand,” said Burke. “What is encouraging is that the occupancy-on-the-books trend for all destinations is improving each week. If the pandemic situation remains stable, it is anticipated to strengthen further. A rise in any restrictions will undoubtedly slow that trajectory.”
All of STR’s COVID-19 analysis can be found here.
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.