Hotel market update predicts strong future for tourism industry

Domestic tourism has mostly returned to pre-pandemic levels and international visitor arrivals continue to climb each month – these were two of the key messages delivered by a panel of tourism industry experts at this week’s Hotel Market Update held by Accommodation Australia NSW.

The breakfast event saw 85 Sydney and Greater Sydney hotel General Managers and senior personnel
gather at Sydney Harbour Marriott Hotel, Circular Quay on Wednesday.

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Guest speakers included Matthew Burke – Regional Director Pacific, Japan and Central South Asia STR, Stephen Wu – Economist Commonwealth Bank of Australia and Taylor O’Brien – Associate Investment Sales JLL Hotels and Hospitality Group.

“These events are important because they allow our members to hear from a range of industry experts across a number of issues,” Accommodation Australia NSW Manager Stacey McBride said.

“It was fantastic to hear from experts such as Taylor O’Brien from JLL Hotels and Hospitality Group who confirmed a continued strong recovery in visitation over the short-to-medium term with Sydney and Melbourne markets expected to be the major beneficiaries.

“Likewise, having STR’s Matthew Burke talk about overall forward occupancy consistently running ahead in comparison to last year, with Sydney anticipated to be the strongest in the region, inspires confidence in our members and the industry overall.”

Economist at Commonwealth Bank of Australia, Stephen Wu also spoke to a current strong demand for travel – despite a drastic pullback in discretionary spending.

“This tells us that post-COVID people want to travel again,” Ms McBride said.

“Cost of living is forcing people to choose what’s important when it comes to discretionary spending and it’s clear that for many travel is a priority – which is fantastic to see.”