What's Happening?
Melbourne's hotel industry experienced record performance levels in November, driven by major events such as the Melbourne Cup Carnival and concerts. According to preliminary data from CoStar, the average daily rate (ADR) and revenue per available room
(RevPAR) reached unprecedented levels. Hotel occupancy rose to 82.6%, with ADR increasing by 3.6% to AUD243.47 and RevPAR rising by 8.6% to AUD201.05. Significant peaks in occupancy were noted during events like the AC/DC Power Up Tour and the Oasis Live 25 Tour concert.
Why It's Important?
The surge in Melbourne's hotel performance highlights the city's ability to attract large numbers of visitors through major events, boosting the local economy. This trend is significant for the hospitality industry, as it indicates a strong recovery from previous disruptions. The increased occupancy and revenue figures suggest a positive outlook for future tourism and hospitality activities in Melbourne, potentially leading to more investments and job opportunities in the sector.
