LONDON — STR's preliminary October 2017 data for hotels in Melbourne, Australia, indicates performance affected by supply growth, while for hotels in Singapore indicates occupancy growth with lower rates.
Based on daily data from October, Melbourne reported the following in year-over-year comparisons:
STR analysts note that the supply and demand growth imbalance negatively affected occupancy and ADR. Additionally, an earlier Australian Football League Grand Final (30 September 2017 versus 1 October 2016) was a contributing factor to the year-over-year decline in ADR.
Based on daily data from October, Singapore reported the following in year-over-year comparisons:
Occupancy improved as a result of demand recovery (-5.3% in October 2016 due to Zika concerns). However, ADR declined for the 20th consecutive month, and RevPAR performance was the lowest for an October since 2009.
STR will release full October 2017 results later this month.