Australian Grand Prix takes Melbourne hotel bookings to 29-month high
This weekend’s Australian Grand Prix takes Melbourne’s hotel occupancy to its highest level since November 2019, according to STR’s Forward STAR.
As of April 4, the Thursday to Sunday (April 7 to 10) market average is 89% with a peak of 94% on Saturday evening. If Saturday’s level were to materialize, it would be the highest daily occupancy in the market since November 30, 2019 as well as the highest occupancy of any major Australian capital city since New Year’s Eve 2019.
“Since the calendar dates were announced, Melbourne bookings have steadily built up for the race weekend,” said Matthew Burke, STR Regional Manager – Pacific, Japan and South Central Asia. “At the start of 2022, book occupancy averaged 35%, so it’s clear that the growing confidence around the event and ‘F1 fever’ has captivated the traveling public.”
STR provides premium benchmarking data, analysis and market intelligence for the global hospitality industry. Founded in 1985, STR operates in 15 countries with North American headquarters in Hendersonville, Tennessee, international headquarters in London, and Asia-Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of online commercial real estate information, analysis and marketplaces. For more information, please visit str.com and costargroup.com.