Helped by the Australian Open, Melbourne’s hotel industry reported its highest room rates of the pandemic-era, according to preliminary January 2022 data from STR.
Average daily rate (ADR): AUD204.21
Revenue per available room (RevPAR): AUD83.28
The market’s absolute ADR level was its highest since November 2019, while the occupancy and RevPAR levels were slightly lower compared with the month prior. January’s result is a representation of event-driven demand, as Melbourne performance is pushed more by domestic leisure travel and less by hotel quarantine contribution.
Melbourne’s daily performance for the month peaked on 22 January: occupancy (56.7%), ADR (AUD249.08) and RevPAR (AUD141.20), which coincided with the fourth round of the Australian Open.
Looking ahead, STR’s latest Forward STAR data shows Melbourne’s highest occupancy on the books on Saturday, 9 April (54.1%), during the Australian F1 Grand Prix weekend.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
Source: Hotels News Resource