The nation’s hotel and accommodation sector has been growing in the past few years and continues to do so in the new year with 2019 showing an increase for demand of rooms. The Australian tourism sector also reports growth in the domestic and international visitor markets which are currently at a historically lower level.
Continued growth expected in 2019
With rates of both domestic and international tourism continuing to grow around the country, there is increasing demand for hotel and accommodation rooms. This is a growth that the hotel sector has embraced.
According to Tourism Australia, there are a total of 43,730 rooms in the pipeline until 2024, from a total of 230 projects around Australia. Hobart, Sydney, Melbourne, the Gold Coast and Cairns reported the strongest growth results in tourism. This demand has significantly improved the hotel sector’s revenue which is expected to rise in 2019, with Deloitte Access Economics projecting growth of 3.1 per cent by 2019.
Deloitte Access Economics also forecast that the revenue per available room will grow by 3.1 per cent in the next three years. Average room rates are also expected to increase at an average of 2.5 per cent over the same period.
For hotels, there will be increased competition in the marketplace as visitors become more savvy when shopping for the best deal. For hotels, that might mean updating the décor or renovating the entire building to suit modern needs such as free WiFi and available conference rooms.
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