Newest information reveals a line-up of high occasions had been a significant factor in lifting Melbourne’s lodge charges and revenues to all-time highs in November.
In accordance with preliminary information from analytics supplier CoStar, a mixture of occasions together with the Oasis Stay 25 Tour live performance and Melbourne Cup Carnival contributed to main will increase in Melbourne lodge’s ADR and RevPAR outcomes final month, with ahead bookings for December additionally trending nicely forward of final yr.
Occupancy was up 82.6 per cent in November, a yr on yr progress of 4.9%, whereas ADR elevated 3.6% to A$243.47,and RevPAR was A$201.05, representing an 8.6% bounce.
Along with the ADR and RevPAR highs, the market posted its highest occupancy degree for any month since late 2019.
On November 1, the primary evening of the Melbourne Cup Carnival and the evening following the primary Oasis Stay 25 Tour live performance within the metropolis noticed Melbourne’s ADR bounce to A$347.80 and RevPAR at $311.23 – each month-to-month highs and the one evening Melbourne’s RevPAR surpassed the A$300 mark in November.
Melbourne’s day by day occupancy peaked at 94.7% on November 12, which was the primary evening of the AC/DC Energy Up tour, with the second-highest ranges of 92.2% posted the evening earlier than.
“December can be wanting promising, with ahead occupancy on the books for December at 62% compared to the identical time final yr of 53%,” Regional Director at STR, Matthew Burke stated.
“The pending Boxing Day Ashes Check from the 26 December is the standout with occupancy averaging 74% between 24 and 29 December.”
