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STR’s preliminary February 2019 data for hotels in Melbourne indicates a significant occupancy level.http://www.stevecafeandcuisine.com/

Based on daily data from February, Melbourne reported the following in year-over-year comparisons:

  • Supply: +4.6%
  • Demand: +5.3%
  • Occupancy: +0.7% to 89.4%
  • Average daily rate (ADR): +4.0% to AUD198.32
  • Revenue per available room (RevPAR): +4.7% to AUD177.24

The absolute occupancy level would be the highest for any February in STR’s Melbourne database, despite the highest year-over-year supply growth rate in the market since March 2011. STR analysts partially attribute the performance levels to conferences held in the market. Additionally, daily data shows double-digit ADR and RevPAR growth on 23 February, due primarily to the opening of Harry Potter and the Cursed Child stage production which will run until 1 December.