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Australian Hotel Sector to Benefit from Occupancy and Room Rate Growth As Inbound tourism Recovery Gathers Momentum
Surging inbound tourism will help boost Australia’s hotel occupancy levels this year and next while spurring room rate growth in most markets, particularly Sydney and Brisbane, according to new CBRE forecasts.
CBRE’s latest Hotels Australia Overview and Outlook report highlights that domestic travel in commercial accommodation across Australia surpassed pre-pandemic levels in 2023 in terms of both travel nights and spending across most states, despite an uplift in outbound international travel.
In the global gateway states of New South Wales and Victoria, domestic travel nights were up 5% and 13% respectively on the year prior.
CBRE’s Australian Head of Hotels Research Ally McDade said she anticipated a consolidation in the…