STR reports Melbourne hotel rates hit pandemic-era highest room rates in January
Helped by the Australian Open, Melbourne’s hospitality industry reported its highest pandemic-era room rates, according to January 2022 preliminary data from STR.
- Occupancy: 40.8%
- Average daily rate (ADR): 204.21 AUD
- Revenue per available room (RevPAR): AUD 83.28
The market’s absolute ADR level was the highest since November 2019, while occupancy and RevPAR levels were slightly lower than the previous month. The January result is an event-driven representation of demand, as Melbourne’s performance is driven more by domestic leisure travel and less by the contribution from hotel quarantine.
Melbourne’s daily performance for the month peaked on January 22: occupancy (56.7%), ADR (249.08 AUD) and RevPAR (141.20 AUD), which coincided with the fourth round of the Open d ‘Australia.
Looking ahead, STR’s latest Forward STAR data shows Melbourne’s highest occupancy rate in the books on Saturday April 9 (54.1%), during the Australian F1 Grand Prix weekend. .
STR provides premium benchmarking data, analysis and market insights for the global hospitality sectors. 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.