Cairns, Australia, sees hotel industry growth

In Australia, the northern Queensland city of Cairns is seeing a "revenue surge" in its hotel industry, credited to strong investments and a "thriving" tourism industry. 

RevPAR for hotels and resorts along the Great Barrier Reef is $291.43, a 37.2 percent rise, while in Cairns it has grown 11.3 percent to $99.58.

JLL Hotels and Hospitality Group chief executive Craig Collins said most major hotels had shown RevPAR growth, with Queensland leisure markets displaying the strongest.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

He said hotel sales – driven by Asian buyers – had reached nearly $2 billion in the first half of the year, up 150 percent. That included the Pullman Cairns International and Pacific Hotel Cairns both selling.

Mantra Group area manager Chris Northam said the company was expecting good growth based on the low Australian dollar combined “with key tourism fundamentals aligning in region.”

“We have seen good RevPAR growth year on year as at June 30 with our three well-known brands – BreakFree, Mantra and Peppers. We expect this trend to continue and are forecasting RevPAR to grow further when we review our 2015/16 half yearly position.”

 

Suggested Articles

IHG CEO Keith Barr discusses the group's strategy for 2020

It can be such a dilemma, can’t it, working out what to do with the sacks of cash one has piling up in the bank, or in the vault.

2,500 senior leaders will come together on the 2nd to 4th of March 2020 at the 23rd International Hospitality Investment Forum (IHIF).