STR: Preliminary June data for Melbourne hotels
STR's preliminary June 2019 data for hotels in Melbourne, Australia, indicates strong supply affecting performance levels.
Based on daily data from the month, Melbourne reported the following in year-over-year comparisons:
- Supply: +5.2%
- Demand: -1.4%
- Occupancy: -6.3% to 72.7%
- Average daily rate (ADR): -2.7% to AUD168.90
- Revenue per available room (RevPAR): -8.9% to AUD122.83
June marked the fourth consecutive month of occupancy declines for the market. STR analysts note that growing supply continues to affect performance levels as the metric has outpaced demand for the fifth month in a row.
STR will release full June 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.