LONDON -- STR's preliminary October 2017 data for hotels in Melbourne, Australia, indicates performance affected by supply growth.

Based on daily data from October, Melbourne reported the following in year-over-year comparisons:

  • Supply: +2.7%
  • Demand: +1.1%
  • Occupancy: -1.5% to 86.2%
  • Average daily rate (ADR): -5.5% at AUD191.62
  • Revenue per available room (RevPAR): -6.9% to AUD165.09

STR analysts note that the supply and demand growth imbalance negatively affected occupancy and ADR. Additionally, an earlier Australian Football League Grand Final (30 September 2017 versus 1 October 2016) was a contributing factor to the year-over-year decline in ADR.

STR will release full October 2017 results later this month.

About STR

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.

Jeff Higley (STR)
VP, Digital Media & Communications
+1 (615) 824-8664 ext. 3318
STR