It’s been a busy year for the Australian hotel industry, with over 6,000 new rooms coming online in 2018 from 56 new hotels. For the first time in over a decade, the number of rooms opening throughout the year exceeded the number sold, with investors focused on the development of new rooms.
Watch the video below for a look at Australian hotel investment in 2018 in under 3 minutes.
While Melbourne dominated 2018 in terms of Australian hotel openings with over 1,200 rooms coming online, Sydney also saw a record injection of new supply. Perth and Brisbane continued to see the effects of new supply with several high profile hotel openings. The Gold Coast had a strong year on the back of the Commonwealth Games and the Crystalbrook Collection introduced Cairns’ first new 5-star hotel in over 20 years, with two more to come in 2019!
Nearly 8,000 rooms are predicted to come online in 2019, from 41 new hotels. Beyond 2019, there will still be plenty of new product to explore with over 15,000 rooms currently under construction across the country. Melbourne is set to continue to dominate with 4,000 rooms due to come online by 2020.