Based on daily data from February, Melbourne reported the following in year-over-year comparisons:
- increases in supply (+0.9%) and demand (+1.1%);
- a 0.2% increase in occupancy to 89.9%;
- a 0.2% increase in ADR to AUD205.80; and
- a 0.4% increase in revenue per available room (RevPAR) to AUD185.09.
The 89.9% absolute occupancy level would be the highest STR has benchmarked for a February in Melbourne since 1997.
Although RevPAR growth for the month was marginal, performance in Melbourne’s hotel market remains strong. Friday, 12 February (+36.3%) and Sunday, 14 February (+53.0%) experienced the highest daily RevPAR results for the month with Valentine’s Day falling on Sunday.
STR will release February 2016 results during the week of 21 March. The February edition of STR’s Hotel Market Forecast is now available.