STR: Preliminary April data for Melbourne hotels
STR's preliminary April 2019 data for hotels in Melbourne indicates lower performance.
Based on daily data from the month, Melbourne reported the following in year-over-year comparisons:
- Supply: +4.0%
- Demand: +0.1%
- Occupancy: -3.7 to 77.5%
- Average daily rate (ADR): -2.3% to AUD171.98
- Revenue per available room (RevPAR): -6.0% to AUD133.29
The absolute occupancy and RevPAR levels would be the lowest for an April in Melbourne since 2013. STR analysts partially attribute the decrease in performance to Easter (21 April) and Anzac Day (25 April) occurring during the same week, which caused a decrease in travel. Additionally, the performance impact from last year's World Congress on Nuclear Medicine and Biology (20-24 April 2018) negatively affected year-over-year comparisons.
STR will release full April 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.