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Australia's Hotel Industry on the ReboundAugust 11, 2010 By: Jena Tesse Fox
|The Cullen Hotel in Melbourne|
In a further sign of the recession's recession, Deloitte is reporting that the Australian hotel industry has "rebounded strongly" from the global financial crisis, having recorded one of the highest percentages of occupancy globally and one of the largest percentage increases in revenue per available room (revPAR) for the year to May 2010.
STR Global figures show hotel occupancy in Australia for the year to May 2010 were 73 percent, up 4.7 percent. In the same period, revPAR was up 34.8 percent to $108.86, considerably higher than the averages for Asia Pacific (24.2 percent), Central and South America (18 percent), Europe (5.3 percent), and North America (1.9 percent).
When it comes to cities in the year to May 2010, Sydney was the standout performer having recorded occupancy of 83.4 percent (up 9.8 percent) and a 45.8 percent increase in revPAR (to $132.59). Brisbane’s occupancy was 76.6 percent with revPAR up an impressive 38.1 percent to $114.42, while Melbourne had occupancy of 75.4 percent (up 2.7 percent) and revPAR increase of 28.1percent to $118.34.