Sydney set for biggest hotel boom since 2000 Demand soaring and city to have 20% more rooms by end of this decade Source: Business Times / Property [SYDNEY] Fourteen years after the last major hotel opened in Sydneys centre, 42 developers are competing to turn a pair of century-old government office buildings into accommodations as demand soars. Elsewhere in the city, developers including Chinas Greenland Holding Group and Singapore-based M&L Hospitality Trust plan to add more than 5,300 rooms during the next five years. If they are completed, the citys supply of rooms will rise by about 20 per cent by the end of the decade - the most since Australias largest city hosted the Olympics in 2000, according to broker CBRE Groups hotels division. Hotel construction is picking up as the number of visitors to Australia grows at the fastest pace in at least nine years, sending occupancies in Sydney to a record and the highest in Asia after Hong Kong and Tokyo. Sydneys average hotel occupancy is set to reach 88.8 per cent by end-2016, the highest since at least 2000, according to economics advisory firm Deloitte Access Economics. The hotels are all full, so theres more than enough demand for more rooms, said Michael Kum, chairman of Singapore-based M&L, which is adding a third tower at its 683-room Four Points by Sheraton, Australias biggest hotel, in Sydney. The new developments planned for the citys centre mean the whole area will be totally transformed, he said. -From Sydney, Australia businesstimes.sg/specials/property/sydney-set-biggest-hotel-boom-2000-20140717 Read More at: https://sites.google/a/dwg.sg/research/home/2014/july-2014/17th-july-2014
Posted on: Mon, 21 Jul 2014 02:41:59 +0000
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