Hotel Market Outlook2010 in review; 2011 and beyond |
Hotel occupancy levels in Australia’s major cities are well underway to full recovery to pre-GFC levels, with Sydney the star performer according to an industry presentation today by professional services firm, Deloitte.
The Deloitte ‘Hotel Market Outlook’ report analyses the performance of the domestic accommodation sector in recent years and predicts performance for 2011 and beyond. It also reviews the economic impacts on the domestic accommodation sector.
Sydney leads the way in hotel occupancy levels, closing the year with 85.6% and anticipated to reach around 87% in 2011, compared to a peak before the GFC of 82% and dropping to 78.8% in mid-2009.
On the back of expected room rate growth of 11.4% in 2011, Sydney RevPAR is expected to reach $171 by year-end 2011, significantly higher than the $136 recorded in 2009.
Melbourne and Brisbane are both expected to achieve occupancy levels towards 82% supporting double-digit rate growth, resulting in a RevPAR lift of 13-15%. Perth is expected to push occupancy to 88% with a 20% RevPAR uplift.
Read and download the 'Hotel Market Outlook' slide deck and Media release below.
Hotel Market Outlook
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