Australian hotels continue to perform strongly globally
Australian hotels are punching above their weight globally despite a glut of new opening.
According to new figures for this year from researcher STR, Australia and Oceania region had the second-highest occupancy rate globally at 73.4 per cent, just behind Northern Europe at 74.1 per cent.
Despite a falling dollar, Australian hotels averaged US$137 a night, a slight dip on last year but still taking fourth place in the global rankings behind the Carribbean (US$235), the Middle East (US$144) and Southern Europe (US$141).
Revenue per available room (revPAR) at Australian hotels averaged US$101, with only the Carribbean region performing better at US$160.
The figures from STR also showed that Australian hotels outperformed their Asia Pacific rivals across all three metrics – occupancy rate, average daily rate and revenue per available room.
The falling dollar has had a silver lining in making Australia more competitive for international travellers.
“A weaker AUD will continue to support growth in international visitors and the amount they spend in Australia, while also encouraging Australians to travel domestically rather than internationally due to stronger purchasing power at home,” said CBRE associate director of research Ben Martin-Henry.
Sheridan Randall, 13th September 2019
