Melbourne Hotel performance
Record-High Room Rates in Melbourne, Sydney Driven by the Eras Tour
CoStar Group | March 12, 2024
WASHINGTON – 12 March 2024 – Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate (ADR) for any month on record, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Melbourne February 2024 (year-over-year % change): Occupancy: 78.1% (+8.5%) Average daily rate (ADR): AUD244.80 (+11.4%) Revenue per available room (RevPAR): AUD191.18 (+20.9%) Melbourne’s daily occupancy levels remained above the 70.0% mark throughout the month ...
Lower Room Rates Stalled Melbourne’s Performance Growth in September
CoStar Group | October 13, 2023
WASHINGTON – 13 October 2023 – Melbourne’s hotel industry reported a decline in revenue per available room (RevPAR) for just the second time this year, according to September 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 (year-over-year % change): Occupancy: 65.4% (+1.4%) Average daily rate (ADR): AUD212.47 (-4.5%) Revenue per available room (RevPAR): AUD138.85 (-3.2%) Even with occupancy growth, Melbourne ADR fell by more than 4.0% for the second time in three months. The market’s only other m...
STR: Melbourne Hotel Occupancy Reached 36-Month High in March
STR | April 12, 2023
LONDON – Melbourne’s hotel occupancy was its highest for any month since February 2020, according to preliminary March data from STR. Occupancy: 77.3% Average daily rate (ADR): AUD245.13 Revenue per available room (RevPAR): EUR189.47 The market’s ADR and RevPAR levels were its highest for any month on record, while occupancy remained 9.8% below the pre-pandemic comparable. Occupancy improvement has been somewhat limited by new supply growth (+5.3% over 2022). Daily data shows that the market recorded its highest occupancy level (90.7%) on Friday, 31 March – the first day of the Australian Grand Prix race weekend. The...
STR: Melbourne Hotels Post Best Performance of the Pandemic-Era
STR | November 15, 2022
ADELAIDE—Melbourne’s hotel performance reached a pandemic-era high, according to preliminary October 2022 data from STR. Occupancy: 69.9% Average daily rate (ADR): AUD232.07 Revenue per available room (RevPAR): AUD162.21 The market’s ADR level was the highest for any month on record, while occupancy and RevPAR were the highest since February 2020 and November 2019, respectively. While improved, occupancy remained 17.5% below the pre-pandemic comparable. More of STR’s analysis can be found here....
STR: Melbourne Hotel Rates Reached Pandemic-Era Highs in January
STR | February 14, 2022
LONDON — February 14, 2022 — Helped by the Australian Open, Melbourne’s hotel industry reported its highest room rates of the pandemic-era, according to preliminary January 2022 data from STR. Occupancy: 40.8% Average daily rate (ADR): AUD204.21 Revenue per available room (RevPAR): AUD83.28 The market’s absolute ADR level was its highest since November 2019, while the occupancy and RevPAR levels were slightly lower compared with the month prior. January’s result is a representation of event-driven demand, as Melbourne performance is pushed more by domestic leisure travel and less by hotel quarantine contribution. M...
STR: Melbourne Hotel Rates Reached Pandemic-Era Highs in November
STR | December 14, 2021
LONDON — December 14, 2021 — Reflecting the end of lockdown and eased travel restrictions, Melbourne’s hotel industry reported its highest room rates of the pandemic-era, according to preliminary November 2021 data from STR. Occupancy: 33.9% Average daily rate (ADR): AUD169.06 Revenue per available room (RevPAR): AUD57.30 The market’s absolute ADR level was the highest since March 2020, while occupancy and RevPAR were the highest since May 2021. Looking ahead at the upcoming holiday season, STR’s latest Forward STAR data shows Melbourne’s highest occupancy on the books on 31 December (49.9%). All of STR’s COV...
