As we wrap up an exciting year and head into the holiday season, it’s time for one last market update – and what a variable year it's been for the hotel industry! Despite some challenging economic conditions in Australia, the hotel sector has remained resilient and continues to build on its recovery.
?Here’s a quick interpretation of the latest STR results for November and the financial year to date (5 months):?
- Major city RevPAR growth for November was up 6.1% on the prior November, with strong occupancy nearing 80%. YTD is showing 3.4% RevPAR growth, with occupancy improvement now outpacing rate growth and a better second than first quarter
- Six out of the ten markets exceeded occupancy of 80% in November!
- Brisbane is on fire! RevPAR is up 11.2% for the month and almost 10% for the YTD
- Sydney continues to lead the pack by some margin, with a November RevPAR of $316 (that’s $90 higher than the next city!). Occupancy in November reached an impressive 88%, and YTD occupancy is above 80%
- Melbourne has broken the 80% occupancy mark in November for the first month since February 2020 – a major milestone after navigating a few years of material supply growth. YTD RevPAR growth of 3.4% is largely on pace with our Hotel Futures 4.0% full year growth outlook
- Perth displayed modest November growth, although it?leads the country YTD with Revpar improvement at a tick under 10%
- Hobart and Adelaide continue to be inconsistent. These are the only two markets showing a YTD RevPAR decline on the prior corresponding period (2% and 1.9% respectively).?
?A big thank you to all our clients and industry colleagues for a fantastic year! We’re excited about the opportunities and challenges that 2025 will bring. Wishing everyone a safe and happy holiday season!
Kcom hotel asset management
2 个月All the very best to you Dean - Australia's accommodation hotel industry's guru extraordinaire!