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 second and third highest occupancy levels were posted on 2 and 3 March, at 90.6% and 90.1%, respectively, helped by the Ed Sheeran tour.
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. 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 www.str.com
