“What is unprecedented about this development boom is the diversity of hotel product being constructed,” TAA chief executive Carol Giuseppi said.
“The global hotel groups have responded strongly to the rapid increase in demand by unveiling many of their designer, lifestyle brands, while local brands such as QT, the Art Series and Veriu have taken advantage of changing demographic trends in travel to build their profile.”
“Cities such as Brisbane and Perth will experience a doubling in their international-standard hotel stock which will enable them to cater for a vast increase in tourism, conferences and events and deliver a major economic boost to compensate for the softening of the resources sector.”
The impact of millennial needs and trends has prompted a complete renaissance in the products and services the hotel industry offers guests.
New brands, new designs, new technologies and new guest-centric services have already begun to transform Australia’s accommodation sector.
The Australian hotel industry has also shifted, originally basing design and amenities on “brand fidelity”, but now shifting towards cutting-edge innovation and emphasis on localism and experiential travel.
The uptick in development has been strongly linked to investor confidence, growing demand, low interest rates and solid exchange rates for global investors.