TAA OZ HOTEL BOOM
THE massive 120 hotel projects in the pipeline in Australia will open the country up to a new audience of business travellers, conference and incentive groups and high-end tourists, Tourism Accommodation Australia says. Between 2016 and 2021, new hotels will account for a 30% growth in stock, a surge which hasn’t been seen since before the 2000 Olympics. The room boost between 1998 and 2000 was followed by a dramatic bust, but TAA believes the current boom will be soaked up due to a unique combination of circumstances and the attraction of new markets. TAA said the opening of ICC Sydney (pictured) had triggered a revolution in the city’s hotel stock, after a ‘drought’ that followed the 2000 Olympics. Currently $2.3b worth of hotel projects have been approved for the Sydney city area.