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A Guide to HOTEL INVESTMENT in BRISBANE, AUSTRALIA 2014 09 2 Million Population

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A Guide to HOTEL INVESTMENT in BRISBANE, AUSTRALIA 2014 09 2 Million Population A guide to HOTEL INVESTMENT IN BRISBANE, AUSTRALIA 2014 09 2 million population $135 billion economy 4.3 million visitor nights 77% occupancy 8.1% growth in ADR to $183 1.97 million room nights sold 278,000 room nights deferred each year due to supply shortage 09 Contents Premier’s Foreword 02 Lord Mayor’s Foreword 03 Why invest in Brisbane hotels 05 Brisbane – Australia’s premier hotel investment destination 08 Economy 09 Resources and Energy 09 Infrastructure 10 Driving tourism demand 16 Business events 16 Major events 19 World-class precincts 22 Strong demand 26 Purpose of visit 26 Visitor origin 26 Visitor expenditure 27 Visitor nights 28 Robust trading conditions 30 Trading by sub-market 31 Trading by star category 31 Room to grow 34 Hotels versus serviced apartments 34 Supply by star category 35 New hotel supply 35 Future sustainable supply 36 Pro-business environment 38 Thinking of investing? 42 Appendix 46 01 Hotel Investment in Brisbane, Australia Premier’s Foreword My government As part of our commitment to the is focused on city’s growth, this government has revitalising the released public land for development tourism industry - the most significant being the and returning Queen’s Wharf Precinct. Opening Queensland to up this historic site for development its rightful place presents a unique opportunity as Australia’s number one tourist for developers and investors to destination. contribute to the creation of a landmark attraction within the heart We believe it is important that local of the CBD. and state governments work together to support growth - not only in hotel Our partnership with Brisbane supply and demand, but also with City Council continues to support the development of new facilities and the development of new hotels in infrastructure. To reinforce this, we Brisbane, as well as create events have set an ambitious target to double and new infrastructure that will drive overnight visitor expenditure from $15 demand and bring more visitors to billion to $30 billion by 2020, creating Brisbane City. even more jobs for the tourism sector. We have set our sights on helping Tourism and construction are two of this great city become a world class the critical pillars of the Queensland destination, and I believe this vision is economy which will continue to grow starting to be realised. The Queensland as local and state governments work Government will continue to play our towards providing a better business part by helping grow the economy environment with streamlined and by creating more jobs and more planning processes. opportunities for Queenslanders. Already, Queensland has one Campbell Newman of the fastest economic growth Premier of Queensland rates in the nation, cementing our position as the best place in Australia to invest, employ and grow your business. The economy continues to expand, growing at 4.1 per cent, with Queensland creating more jobs “Tourism and than any other state in the last twelve months. construction are two In 2013, Brisbane experienced strong of the critical pillars growth in both international and domestic leisure visitors. Increased of the Queensland visitation has led to more travellers looking for quality hotels, leading to economy” greater investment demand in the leisure market. Excitingly, in November 2014, the world’s attention will be focused squarely on Brisbane – with the G20 Leaders Summit being held in the city. Hotel Investment in Brisbane, Australia 02 Lord Mayor’s Foreword As Australia’s New This event, and the 7000 delegates and World City, Brisbane international media in attendance, is offers incredible expected to exponentially drive further opportunities for demand for more hotel rooms in the city. investment and As we attract new hotels to the city, growth. improved levels of supply will also Two years ago I enhance Brisbane’s reputation as committed resources to attract and a premier convention and tourist facilitate new hotel investment in the destination, attracting even more visitors city, following research undertaken by from emerging markets like China. Brisbane Marketing which revealed a Chinese visitation to Brisbane continues chronic undersupply of quality to grow, with figures indicating a hotel rooms. staggering 240 per cent increase over Since the Guide to Hotel Investment in the past 10 years. Brisbane was first released last year, we As this report shows, Brisbane continues have seen early signs of success with to offer significant opportunities for hotel the construction and development of operators, investors and developers. a number of new hotels well underway. This is great progress and reflects From a national trading perspective, increased levels of hotel investment in Brisbane performed above the the city. Australian average in 2013 and was among the best-performing hotel Nonetheless, the latest figures, detailed markets in the country. in this updated edition of the guide, show we are still forgoing thousands of The development of more four and room nights each year and missing out five-star branded hotels in Brisbane on millions of dollars in lost remains one of the city’s top priorities visitor expenditure. and I welcome further hotel investment in the city. Substantially more investment is needed to bridge the remaining Graham Quirk gap between available supply and Lord Mayor of Brisbane anticipated demand. In recent years there has been considerable investment by Brisbane City Council to improve the city’s appeal “The development as a visitor destination, including a new leisure campaign and specific activity to of more four and drive weekend visits. This, in combination with an improved corporate travel five-star branded hotels environment, is expected to drive strong in Brisbane remains future demand. As host of the 2014 G20 Leaders one of the city’s top Summit, Brisbane has a once-in-a­ generation opportunity to showcase its priorities” credentials as a new world city. 03 Hotel Investment in Brisbane, Australia Hotel Investment in Brisbane, Australia 04 Why invest in Brisbane hotels Brisbane’s status as Australia’s dynamic • More than $75 billion worth of resources new world city was further bolstered by and energy projects committed or the announcement Brisbane will host under construction in Queensland. the 2014 G20 Leaders Summit. With the Growing tourism demand world’s eyes on Brisbane, there is no better The local, state and federal government, time to consider investment in new hotels. through Brisbane Marketing, Tourism and Due to the increasing demand for Events Queensland, and Tourism Australia, internationally recognised, branded hotel continue to work collaboratively to grow room supply, it is estimated that Brisbane visitation demand: is missing out on approximately 121,000 • Long-term destination marketing visitors a year and $140 million in visitor being delivered with a greater focus expenditure. This equates to an estimated on targeting leisure and international 278,000 deferred room nights every year – visitors to the city approximately 14 per cent of current demand. • More than 147,000 convention delegates New branded hotel supply in Brisbane is hosted and welcomed in 2013 crucial to satisfy growth markets which are being driven by business and events, leisure • Robust and well-established year- visitors and developing markets like China. round calendar of major events and These growth markets are seeking full service conferences and internationally branded hotels. • Outstanding range of convention and This investment guide provides an analysis major events venues underpinning of the core fundamentals supporting the secured events. Brisbane hotel market, allowing prospective World-class precincts hotel investors, developers and operators to assess and build a credible business Brisbane is home to a number of case to invest. established and emerging retail, entertainment and dining precincts, with The Brisbane hotel market is rich with the Queensland Government and Brisbane opportunity. Here’s why: City Council working to unlock land for Excellent economic fundamentals private development including: With more than 45 per cent of Queensland’s • Development and release of a new city population and an economy valued at $135 centre master plan which provides a billion, Brisbane is the economic, tourism clear vision for future investment and and business hub of Queensland: development • Brisbane’s economy is forecast to grow • Home to leading dining, entertainment by more than 60 per cent by 2031 to and retail precincts such as South Bank $217 billion and Queen Street Mall • Population of over two million, expected • Strong commitment from both local to increase to over three million by 2031 and state government to develop new world-class precincts such as Queen’s • World-class infrastructure driving Wharf, Howard Smith Wharves and economic and visitation demand Kurilpa Riverfront. with more than $7.5 billion worth of infrastructure under construction or in the pipeline 05 Hotel Investment in Brisbane, Australia Strong demand • To meet Brisbane’s visitor economy is growing increasing strongly, particularly in key segments demand from China like leisure and events travel, and Asian and leisure visitors seeking tourism: recognised brands and premium service, it is estimated Brisbane • 4.3 million visitor nights in 2013 needs an additional 216 to 330 • $6.1 billion spent by visitors to rooms per year to 2022. Brisbane in 2013 Pro-business environment • Chinese visitors numbers growing at Private sector investment
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