Melbourne’s hotel occupancy was at its highest for any month since February 2020, according to preliminary March data from STR.
The market’s ADR and RevPAR levels were its highest for any month on record, while occupancy remained 9.8 percent below the pre-pandemic comparable. Occupancy improvement has been somewhat limited by new supply growth (+5.3 percent over 2022).
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- Occupancy: 77.3 percent
- Average daily rate (ADR): AUD245.13
- Revenue per available room (RevPAR): EUR189.47
Daily data shows that the market recorded its highest occupancy level (90.7 percent) on Friday, March 31, which was the first day of the Australian Grand Prix race weekend.
The second and third highest occupancy levels were posted on March 2 and 3, at 90.6 percent and 90.1 percent, respectively, helped by the Ed Sheeran tour.
More of STR’s analysis can be found HERE
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