Hotels in Australia are cashing in on strong demand by raising room rates to record levels.
According to the latest data from STR, the country’s average daily rate (ADR) reached AU$200.03 (approx. US$151) in December 2016, up 3.2% year-on-year and the highest monthly ADR on record.
For the full-year, Australian ADR increased 1.3% to AU$184.65, while occupancy edged 0.9% higher to 75.4%. Revenue per available room (revPAR) rose 2.2% to AU$139.84.
Sydney finished the year with revPAR growth of 4.4%, while Melbourne reported a slight increase of 0.8%.
The hotel sector is being boosted by strong inbound tourism figures; in the first 11 months of 2016, international arrivals to Australia jumped 11.3%.