STR’s preliminary October 2017 data for hotels in Melbourne, Australia, indicates performance affected by supply growth.
Based on daily data from October, Melbourne reported the following in year-over-year comparisons:
- Supply: +2.7%
- Demand: +1.1%
- Occupancy: -1.5% to 86.2%
- Average daily rate (ADR): -5.5% at AUD191.62
- Revenue per available room (RevPAR): -6.9% to AUD165.09
STR analysts note that the supply and demand growth imbalance negatively affected occupancy and ADR. Additionally, an earlier Australian Football League Grand Final (30 September 2017 versus 1 October 2016) was a contributing factor to the year-over-year decline in ADR.
STR will release full October 2017 results later this month.
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