According to preliminary March data from STR, Melbourne’s hotel occupancy was its highest for any month since February 2020.
- Occupancy: 77.3%
- Average daily rate (ADR): AUD245.13
- Revenue per available room (RevPAR): EUR189.47
The market’s ADR and RevPAR levels were highest for any month on record, while occupancy remained 9.8% below the pre-pandemic comparable. New supply growth has somewhat limited the occupancy improvement (+5.3% over 2022). Daily data shows the market recorded its highest occupancy level (90.7%) on Friday, 31 March – the first day of the Australian Grand Prix race weekend. The second and third highest occupancy levels were posted on 2 and 3 March, at 90.6% and 90.1%, respectively, helped by the Ed Sheeran tour.