STR: Preliminary February Data For Melbourne Hotels
LONDON — STR's preliminary February 2019 data for hotels in Melbourne indicates a significant occupancy level.
Based on daily data from February, Melbourne reported the following in year-over-year comparisons:
- Supply: +4.6%
- Demand: +5.3%
- Occupancy: +0.7% to 89.4%
- Average daily rate (ADR): +4.0% to AUD198.32
- Revenue per available room (RevPAR): +4.7% to AUD177.24
The absolute occupancy level would be the highest for any February in STR's Melbourne database, despite the highest year-over-year supply growth rate in the market since March 2011. STR analysts partially attribute the performance levels to conferences held in the market. Additionally, daily data shows double-digit ADR and RevPAR growth on 23 February, due primarily to the opening of Harry Potter and the Cursed Child stage production which will run until 1 December.
STR will release full February 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.
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