STR: Preliminary April data for Melbourne hotels
LONDON -- STR's preliminary April 2018 data for hotels in Melbourne, Australia, indicates high room rates.
Based on daily data from April, Melbourne reported the following in year-over-year comparisons:
- Supply: +2.5%
- Demand: +3.1%
- Occupancy: +0.6% to 80.6%
- Average daily rate (ADR): +0.6% to AUD176.36
- Revenue per available room (RevPAR): +1.2% to AUD142.20
The absolute ADR level is the highest for an April in Melbourne since 2008. The Easter calendar shift from April in 2017 to March in 2018 resulted in additional business weeks, which led to more consistent demand throughout the month. STR analysts note that the Rip Curl Pro Bells Beach competition and the Melbourne International Comedy Festival, which occur in April each year, also helped demand remain steady.
STR will release full April results later this month. The May edition of STR's Market Forecast will be available at the end of the 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.
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