Based on daily data from October, Melbourne reported:
- a 1.8% increase in occupancy to 89.0%;
- a 3.0% increase in average daily rate to AUD205.76;
- a 4.9% increase in revenue per available room to AUD183.13; and
- increases in supply (+0.7%) and demand (+2.5%).
The 89.0% absolute occupancy level would be the highest in Melbourne since February. ADR increased modestly but has fluctuated in 2015. STR Global analysts note that as an event-driven capital, varied monthly results are common for Melbourne. October 2014 included the Jehovah’s Witness International Convention. In 2015, hotel performance from that event was offset by the Australian Football League shifting its Grand Final from the last Saturday in September to October.
STR Global will release October 2015 results later this month. The November edition of the STR Global Hotel Market Forecast will be available at the end of the month.
Note: Beginning with October 2015, STR Global’s preliminary press release lineup will alternate the markets of Melbourne and Sydney.