STR: Preliminary August data for Melbourne hotels
STR's preliminary August 2018 data for hotels in Melbourne, Australia, indicates lower occupancy with higher rates.
Based on daily data from August, Melbourne reported the following in year-over-year comparisons:
- Supply: +2.5%
- Demand: +1.6%
- Occupancy: -0.9% to 84.0%
- Average daily rate (ADR): +2.2% to AUD179.89
- Revenue per available room (RevPAR): +1.3% to AUD151.18
Despite August being one of the colder months of the year, absolute occupancy for Melbourne hotels was the highest for any month since March 2018. The absolute ADR level would be the highest for an August since 2014, while the absolute RevPAR level would be the highest for an August since 2013.
STR will release full August 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.