Based on daily data from April, Melbourne reported the following in year-over-year comparisons:
- increases in supply (+2.0%) and demand (+6.0%);
- a 3.9% increase in occupancy to 83.4%;
- a 1.9% increase in average daily rate (ADR) to AUD177.50; and
- a 5.9% increase in revenue per available room (RevPAR) to AUD148.02.
According to STR analysts, Melbourne’s performance was largely driven by a shift in corporate business demand due to Easter falling in March this year. The market’s RevPAR decreased 2.0% on weekends compared with April 2015, but increased 5.3% on weekdays due to a 4.0% rise in occupancy.
STR will release April 2016 results during the week of 23 May. The May edition of STR’s Market Forecast will be available at the end of the month.