The Australian hotel investment market has had a stellar start to the year with year-to-date transaction volumes totalling AUD270 million, 84.9% up on the same time last year.
Australia’s capital city hotel markets continue to achieve robust Average Daily Rates (ADR), underpinning both Revenue Per Available Room (RevPAR) and income upturn.
Combined with continuing strong investor interest in the sector, this confirms that investment levels are well on track to reach the projected $1 billion over the full year.
The hotel will be marketed as part of Accor’s All Seasons brand, to become the All Seasons Cairns Colonial Club, and will be the largest All Seasons hotel for the brand worldwide.
The statistics say it all - official employment figures show the unemployment rate for Aboriginal and Torres Strait Islander Australians is 14% compared to 4.9% for other Australians.
8Hotels continues to rapidly expand with the opening of Chandra Villas in Bali; luxurious private villa’s located in the highly desired area of Seminyak.
Hotel transaction activity in Australia reached $1.3 billion during 2010, up 62.3% on 2009, representing the fourth biggest year on record for transaction volumes. This strong result demonstrates the ongoing positive investor sentiment for Australian hotels.