This article is from the Australian Property Journal archive
HOTEL owners have been quick to recognise the fact that room rates in Australia are low by international standards, however, according to Jones Lang LaSalle Hotels' Digest research, RevPAR levels around Australia are at their highest level on record boosted by strong occupancies.
JLL Hotels’ executive vice president Troy Craig said yesterday demand growth remains strong, hence occupancy levels and room rates around Australia have reached all time highs and show clear signs of continued improvement.
“New development will continue to be constrained as the expensive cost of land and construction often render it unviable,” he added.
The newly released Australian Bureau of Statistics accommodation data indicates that during the March quarter 2007 Australia’s major hotel markets recorded a 9.8% increase in RevPAR to an all time high of $86.
JLL Research vice president Karen Wales added that Perth was again the best performing hotel market.
Wales added that Canberra recorded spectacular results and Sydney has improved significantly.
