June marked the fourth consecutive month of occupancy declines for the market.
STR’s preliminary June 2019 data for hotels in Melbourne, Australia, indicates strong supply affecting performance levels.
Based on daily data from the month, Melbourne reported the following in year-over-year comparisons:
- Supply: +5.2%
- Demand: -1.4%
- Occupancy: -6.3% to 72.7%
- Average daily rate (ADR): -2.7% to AUD168.90
- Revenue per available room (RevPAR): -8.9% to AUD122.83
June marked the fourth consecutive month of occupancy declines for the market. STR analysts note that growing supply continues to affect performance levels as the metric has outpaced demand for the fifth month in a row.
STR will release full June results later this month.