STR analysts note that Melbourne reported occupancy, ADR and RevPAR declines for 35 consecutive days
Feb RevPAR: -14.9% to $148.45
1-8 March RevPAR: -19.9% to $134.73
Significant event cancellations included Cisco Live Melbourne & Australian Grand Prix
STR’s preliminary data for Melbourne, shows lower hotel performance levels in February 2020 and the first week of March (year-over-year comparisons).
February preliminary data:
Occupancy: -10.9% to 79.0%
ADR: -4.5% to $187.85
RevPAR: -14.9% to $148.45
Weekly data from 1-8 March 2020:
Occupancy: -12.3% to 75.2%
ADR: -8.7% to $179.05
RevPAR: -19.9% to $134.73
As concerns have grown around COVID-19, STR analysts note that Melbourne reported occupancy, ADR and RevPAR declines for 35 consecutive days (3 February through 8 March). Cisco Live Melbourne (3-6 March) was among a significant number of events cancelled around the globe, which also affected performance comparisons during those days.
Early data for the weekend of 13-15 March shows a further COVID-19 impact, along with the last-minute cancellation of the Australian Grand Prix leading to double-digit declines in occupancy and RevPAR.