CBRE+2023澳大利亚酒店业展望-39+页_6mb

Australia Hotel Market Analysis: Q1 2023 Summary

Overall Market Overview

• Domestic tourism is the primary driver of recovery, with visitor nights and spending exceeding pre-pandemic levels in many regions by Q4 2022. International arrivals remain approximately 40% below 2019 levels but show signs of improvement.
• Key performance indicators (ADR, occupancy, RevPar) are near or above pre-pandemic benchmarks, with expectations for moderation in 2023 due to factors like supply growth and inflation.
• New hotel supply is substantial, with around 8,400 new rooms under construction across major cities from 2023-2024, primarily in luxury and upscale categories. Investment activity includes high transaction volumes, with deals exceeding $2.14 billion in 2022.

City-Specific Highlights

• Sydney: Strongest y-o-y growth in ADR (up 31%) and RevPar (up 121%), driven by corporate travel and interstate demand; 64% occupancy, just below 2019 levels.
• Melbourne: Highest occupancy growth (65%) and second-highest RevPar performance post-pandemic; supply expansion poses risks to rate moderation.
• Brisbane: Domestic demand surges, with all indicators up significantly; limited new supply supports sustained growth.
• Gold Coast: Full recovery in performance metrics, with no new supply in 2023; expected occupancy gains from international arrivals.
• Other Cities: Adelaide, Perth, and Hobart show moderate but steady recovery; Cairns benefits from leisure demand; Darwin excels with high RevPar growth; Canberra and Hobart face supply constraints.

Outlook and Risks

• Recovery remains dependent on factors like China's border reopening, global economic conditions, and domestic cost pressures (inflation, rising utility costs).
• Opportunities include luxury demand, sustainable hotel developments, and inflation-hedging potential in high-end assets.
• Risks include moderation in growth, increased competition from new supply, and inflationary pressures on operating costs.

Conclusion
The Australian hotel market demonstrates resilience, with domestic demand leading the recovery. While international markets lag, targeted strategies and supply management will shape future performance and investment trends.