Although lower than the month prior, the absolute occupancy level was the second-highest in Melbourne since February 2020, while ADR and RevPAR were the second-highest since March 2020.
Melbourne’s hotel industry reported lower performance levels compared with the month prior, according to preliminary May 2021 data from STR.
- Occupancy: 49.4%
- Average daily rate (ADR): AUD160.12
- RevPAR: AUD79.04
Although lower than the month prior, the absolute occupancy level was the second-highest in Melbourne since February 2020, while ADR and RevPAR were the second-highest since March 2020. When looking at daily data, the highest performance was seen on Fridays and Saturdays, helped by staycation weekend demand. However, as community cases emerged in Melbourne, occupancy began to decline on 23 May and fell below 25% as the state entered a lockdown on 27 May.
For the next 90 days (as of 7 June), Melbourne occupancy on the books sits as high as 34.6% on 19 June (Saturday) with pickup expected to increase as vaccinations roll out and state restrictions across Victoria ease.
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.
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