LONDON - STR's preliminary August 2017 data for hotels in Melbourne, Australia, indicates steady performance, while in Singapore indicates occupancy growth with lower rates.
Based on daily data from August, Melbourne reported the following in year-over-year comparisons:
Melbourne's hotel demand (rooms sold) continues to exceed steady supply (rooms available) growth. STR analysts note, however, that the additional supply is affecting the market's room prices, as shown in the flat rate performance for the month. Nonetheless, the RevPAR increase is the first for an August in Melbourne since 2013.
Based on daily data from August, Singapore reported the following in year-over-year comparisons:
Occupancy improved in comparison with a weaker August 2016, which came amid concerns of a Zika outbreak in the country. However, ADR declined for the 18th consecutive month, due primarily to economic struggles in the country, according to STR analysts.