After years of chronic under-investment, eight billion bucks – count ’em – is being pumped into Australian hotel development over the next few years, according to Tourism Accommodation Australia.
TAA says there are 228 hotel projects comprising 34,702 rooms under construction, approved for development or in advanced planning stages in the six State capitals and Darwin.
CEO of Tourism Accommodation Australia, Carol Giuseppi, said the unprecedented hotel development boom is “both responding to the massive growth in tourism demand and anticipating long-term growth in the visitor economy.”
She says much of the demand is coming from strong international tourism growth.
There was an 11% increase in visitor arrivals for the 2016 year, taking the total number to 7,624,665.
The Korean and Japanese are back in a big way with 24% annual growth, followed by China (17%) and USA (16%).
“Total international visitor spend grew 7% to reach $39.1 billion, injecting an additional $2.5 billion into the Australian economy in 2016,” Ms Giuseppi said.