Melbourne’s hotel sector continues to boom, with rates rising and occupancy in excess of 80%.
Publishing the city’s preliminary results for December 2016, hotel analysts STR revealed that Melbourne’s occupancy averaged 80.8% last month, while average daily rate (ADR) increased 3.1% to AU$190.50 (approx. US$141).
Melbourne’s occupancy climbed above 90% on New Year’s Eve, while ADR exceeded AU$320 – approximately 4% higher than on 31 December 2015.
During the week of the Boxing Day Test, Melbourne’s famous annual cricket fixture, the market’s hotel performance was “mostly flat”, according to STR, with rising ADR offset by declining occupancy.
Overall, Melbourne’s revenue per available room (revPAR) increased 1.4% to AU$153.91 in December 2016.