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1、Confidential&Proprietary|2022 CBRE,Inc.1Confidential&Proprietary|2023CBRE,Inc.1Hotels AustraliaOverview and OutlookPACIFICCBRE|Research2CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Key Points-Even with a recovery in Australians departing for overseas,domestic travel continues to drive the Australian to
2、urism industry.-Although international visitation is firmly in recovery,short term overseas arrivals remain 40%below pre-pandemic levels.The reopening of Chinas borders will be key to the rate at which our inbound tourism economy recovers in 2023.-Exceptional growth of performance indicators in 2022
3、-Average Daily Rate(ADR),Occupancy and Revenue Per Available Room(RevPar)-but expected to moderate in 2023.-New supply for the time being will be largely limited to projects already under construction.A wave of premium stock will land in the major capital cities over 2023 and 2024.-Transaction volum
4、es in 2022 were above the 10-year average by volume and number.Significant equity capital is on the sidelines waiting for signs of interest rate and inflation stabilisation.HOTELS|2023Hotels Australia104mn TripsTOURISM23%ADRDEMAND RELATIVE TO 20198,400+NEW ROOM SUPPLY IN 2023+2024$2.14 bn2022 TRANSA
5、CTIONSFigure 1:Short term Overseas Arrivals vs Australian Departures Source:ABS,CBRE Research-23.51%-38.08%-40.00%-35.00%-30.00%-25.00%-20.00%-15.00%-10.00%-5.00%0.00%0100,000200,000300,000400,000500,000600,000700,000800,000900,0001,000,000Short term australian residentdeparturesShort term overseas
6、arrivalsChange on YE Sept19 Number of arrivals/departuresNov-19Nov-22%changeNote:Arrows indicate change from previous quarter.3CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 2:Domestic Travel Nights by State Three Months Ending Oct 2019 vs Oct 2022 Domestic VisitationHome sweet home-maintaining mo
7、mentumSource:TRA,CBRE ResearchOverviewIf the pandemic had a silver lining,it is that Australians have had a unique opportunity to explore their own backyard.Given the domestic market has traditionally made up over 80%of visitor nights,it is the recovery of this market which is having the biggest imp
8、act on the recovery of visitor nights in Australian hotels.Figure 2 shows that as of October 2022,domestic travel nights are now at or outpacing pre-pandemic levels in domestic demand dominated states of Qld,SA,WA and Tas recognised for their leisure tourism sectors.However,global gateway markets su
9、ch as NSW and Vic which are more reliant on corporate and international travel for overall demand remain 8%and 4%respectively below pre-pandemic domestic visitor nights.Holiday and visiting friends and relatives travel has been the major source of domestic visitation in 2022.Interstate corporate tra
10、vel which was reduced to very low levels during 2020 and 2021 is gradually rebounding.Not only are we travelling more across Australia,but were also spending more.Figure 3 illustrates that in the three months ending October 2022,domestic overnight spend outpaced comparative pre-pandemic spend in all
11、 Australian states.Domestic demand driven states benefiting from the rise in visitation are also seeing the highest level in travel spend.Notably,spending in Tas is up 62%on 2019 levels,in Qld domestic spend is 45%above pre-pandemic levels and in WA it is up 42%.Although domestic nights remained bel
12、ow pre-pandemic rates in NSW and Vic,these states are also recording strong spend gains,up 27%and 28%on 2019 levels,respectively.A large proportion of this increase in travel spend reflects the astonishing increase in rate growth which has averaged 24%nationally in the year ending December 2022.Outl
13、ookCBRE anticipate continued strength in the domestic tourism market throughout 2023 as a volatile AUD,record high flight prices and geo-political tensions encourage many Australians to holiday at home.However,increasing pressure on household budgets via rising interest rates and cost of living may
14、dampen the recovery rate.Local intrastate travel and budget friendly operators may benefit as Australian families tighten their belts in 2023 and look to more cost-effective holiday options such as the“Great Aussie road trip”.However,strong appetite for luxury accommodation is also expected to endur
15、e from less price conscious market segments.Figure 3:Domestic Travel Spend by State Three Months Ending Oct 2019 vs Oct 202227%28%45%38%42%62%4%17%35%0%10%20%30%40%50%60%70%05,00010,00015,00020,00025,00030,00035,000NSWVicQldSAWATasNTACTAust.%change$(mill)Oct-19Oct-22Change%05,00010,00015,00020,00025
16、,00030,00035,000NSWVicQldSAWATasNTACTNights(000)Oct-19Oct-224CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023International VisitationRecovery of international arrivals to accelerate the tourism industry in 2023Figure 5:International Passenger Arrivals Sept19 vs Sept22Source:TRA,BITRE,CBRE Research Overvie
17、w International passenger arrivals are recovering across all major capital cities but remain below pre-pandemic levels.In fact,Australian inbound short-term arrivals(those coming for less than a year)are still 40%below 2019 levels,despite international borders having been open for a year.Visitors to
18、 see friends and relatives have recovered the most,followed by education arrivals.However,holiday travel is still lagging and sitting around 60%of what it was in 2019.Figure 4 illustrates the recovery rate of international source markets in the YE Sept22.Singapore,India and Other Asia markets are re
19、covering at the fastest rate,now 40-50%of what arrivals were in YE Sept19.Traditionally strong sources of demand such as the USA and the UK have recovered to only 20%and 27%of pre-pandemic activity,respectively.Figure 5 illustrates the rate of recovery by destination market based on international ai
20、rline passenger arrivals.The Gold Coast is the fastest recovering destination market with international visitors at 73%of their arrival rate in 2019.New Zealand was the dominant source market.Major gateway markets of Sydney and Melbourne follow at 65%of their pre-pandemic arrival rate.Domestic deman
21、d dominated cities such as Brisbane,Adelaide and Darwin are lagging with lower recovery rates of international arrivals.The reopening of Chinas borders will be key to the rate at which our international tourism economy continues to recover.Prior to the pandemic in the YE Sept19,Australia recorded th
22、e highest number of international visitors from China(1.7 million visitors or 16%of total visitors).In the most recent YE Sept22 this was down to a mere 67,000 visitors,or 3%of international visitors.Chinas recent ban on foreign university online courses and degrees is anticipated to spur an influx
23、of student arrivals to Australia.Currently,China comprise around 25%of our international student market.With total student visa arrivals in December only 5%shy of 2019s record pace,the reopening of Chinas borders,in addition to this recent announcement could see a historic high in student arrivals b
24、y mid-year enrolments.Associated visiting friends and relatives travel has traditionally followed as a strong source of visitation and ultimately demand for the hotels sector.OutlookA continued recovery of international arrivals is expected throughout 2023,with core drivers such as the competitive A
25、UD and“safe”/bucket list location status of Australia.The 40,000 person lift in the Australian migration cap will deliver a more diverse Australia,further fuelling associated friends and relative demand.Emerging source markets will be a factor of international visitation in 2023.Examples include Ind
26、ia which has increased from a contribution of 4%of international arrivals in YE Sept19 to 9%in YE Sept22 with some other key source markets yet to recover.Slowing economies in two of our largest source markets(United Kingdom and United States),however,may dampen the potential recovery rate.Figure 4:
27、Recovery Rate by Source Market YE Sept2244%56%54%73%65%64%65%0%10%20%30%40%50%60%70%80%0100,000200,000300,000400,000500,000600,000700,000800,000AdelaideBrisbaneDarwinGoldCoastMelbournePerthSydneyRecovery rateArrival numbers20192022Recovery rate to YE Sept190%10%20%30%40%50%60%New ZealandJapanHong Ko
28、ngSingaporeMalaysiaIndonesiaTaiwanThailandKoreaChinaIndiaOther AsiaUSACanadaUKGermanyScandinaviaFranceItalyNetherlandsSwitzerlandOther EUOtherTotal%of YE Sept19 visitation5CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023DemandPerformance indicators at or near pre-covid levels Overview Pent-up demand and i
29、ncreased operational confidence helped underpin an extraordinary pace of ADR growth in 2022.As at Dec22,ADR sat at$228 nationally and outperformed pre-pandemic rates across all major markets.Nationally,occupancy rates are just shy of their pre-pandemic rate at 65%.The Gold Coast and Darwin have alre
30、ady exceeded pre-pandemic occupancy rates.RevPAR has also performed remarkably well,up on 2019 rates in all markets except Sydney and Melbourne.To Dec22,the Gold Coastrecorded the strongest result at$189,or 36%above 2019.This reflects the regions recovery in both domestic and internationalvisitation
31、.Just comparing the last 12-months,however,Sydney and Melbourne recorded the strongest y-o-y growth rates across all three indicators,illustrating the recovery in their key corporate/MICE travel and international arrivals is gaining pace.OutlookCBRE anticipate ADR growth to moderate over 2023,althou
32、gh most city markets are still expected to post gains as operators maintain strong rate policies in favour of returning to pre-pandemic occupancy levels.Occupancy levels in domestic demand dominated cities such as Brisbane,Perth and Adelaide are expected to edge upwards from already strong levels,wh
33、ile major international gateway markets of Sydney and Melbourne should continue to see occupancy gains as inbound demand recovers.Labour and utility operating expenses have increased significantly and are placing downward pressure on revenue streams.Despitethis,all markets are expected to outperform
34、 pre-pandemic performance indicators by mid-2023.Figure 6:Key Performance Metrics-AustraliaAustraliaDec22Y-o-yIndex relative to 2019Occupancy(OCC)65%38%0.9Average Daily Rate(ADR)$22824%1.23Revenue Per Available Room(RevPar)$14971%1.086CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 7:Key Performanc
35、e Metrics by Major Market PerthDec22Y-o-yRelative to 2019OCC67%19%0.94ADR$20315%1.23RevPar$13737%1.13Source:STR,CBRE ResearchBrisbane*Dec22Y-o-yRelative to 2019OCC69%38%0.96ADR$21529%1.36RevPar$14778%1.29DarwinDec22Y-o-yRelative to 2019OCC63%13%1.06ADR$21927%1.48RevPar$13844%1.63Sydney*Dec22Y-o-yRel
36、ative to 2019OCC64%69%0.82ADR$25031%1.13RevPar$161121%0.88CanberraDec22Y-o-yRelative to 2019OCC70%62%0.93ADR$20520%1.20RevPar$14496%1.10AdelaideDec22Y-o-yRelative to 2019OCC71%22%0.90ADR$19626%1.26RevPar$13954%1.10HobartDec22Y-o-yRelative to 2019OCC77%19%0.93ADR$21826%1.18RevPar$16849%1.08Melbourne*
37、Dec22Y-o-yRelative to 2019OCC60%65%0.80ADR$21639%1.16RevPar$130129%0.87Gold CoastDec22Y-o-yRelative to 2019OCC70%38%1.00ADR$27023%1.37RevPar$18969%1.36CairnsDec22Y-o-yRelative to 2019OCC64%32%0.86ADR$21528%1.44RevPar$13669%1.18*Data for Sydney,Melbourne and Brisbane includes City and Metro areas.7CB
38、RE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 9:New Rooms Under Construction and Opening in 2023 and 2024SupplyFuture supply pipeline may place short term downward pressure on recovering hotel performance OverviewThe Australian hotel markets expansionary phase is set to peak in the next 12 months.N
39、ew hotel room supply tracked by CBRE shows 8,400 rooms under construction across Australias major hotel markets and set to be delivered in 2023 and 2024.This is more than double the number of rooms which were delivered in the past two years.It should be noted that many of these projects were anticip
40、ated to open in 2022 but have been delayed as supply chain disruptions pushed back project timeframes.The high quality supply additions will see the elevation of luxury hotel standards in Australia.A combined 62%of new rooms delivered will be luxury or upper upscale stock.The rising middle class in
41、Asia and more recently the pandemic ensued staycation boom are anticipated to be key drivers of demand for premium hotel rooms.Fortunately,the luxury market has been resilient through the pandemic and continues to display strength in ADR growth.Most of the new supply(3,300 new rooms or 40%of total n
42、ew stock)will land in Melbourne.Over a third of the new rooms willbe luxury stock delivered via the new Ritz Carlton and Shangri-La hotels.Sydney will receive a more modest level of new supply as the long-awaited W Hotel at Darling Harbouropens its doors while the Capella will also open in March thi
43、s year.In total Sydney will see around 2,000 new rooms or 25%of total national pipelined stock by 2024.Brisbane,Adelaide and Perth will also see a notable level of increased supply over 2023 and 2024.OutlookCBRE anticipate new supply over the next few years will be largely limited to projects alread
44、y under construction.Following this wave of additions,higher debt and construction costs are anticipated to suppress developer activity being largely limited tokey strategic sites usually having mixed use appeal.The continued recovery of inbound arrivals should provide relief to pressures placed on
45、occupancy,particularly in major gateway markets of Sydney and Melbourne.However,the new wave of supply is anticipated to play a role in moderating rate performance over the next two years.The opening of several premium projects(which are set to achieve a new luxury benchmark)in Sydney,Melbourne and
46、the Gold Coast will elevate Average Daily Rates in this class.Melbourne is considered the market most at risk to a faltering recovery due to the sheer number of hotel rooms coming onboard.An emphasis on sustainability is expected to progress as a major concern for developers and operators.Treasury h
47、as assumed retail electricity prices increased by an average of 20%in late 2022,with a further 30%rise expected in 2023-24.Corporate demand for green offerings that align with their social responsibility goals is gaining traction.Developers are being incentivisedto achieve ESG certifications via Gre
48、en Financing and grants.Relative to peer countries,the number of Australian hotel rooms remains conservative,and we see good opportunities for further development following the stablisationof market conditions.Source:CBRE ResearchFigure 8:Supply Forecast by Type-Australia05001,0001,5002,0002,5003,00
49、0LuxuryUpperUpscaleUpscaleUpperMidscaleMidscaleEconomyNo.of Rooms20232024333662577207206MelbourneSydneyBrisbaneGold CoastAdelaidePerthCanberraHobart8CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 10:Total Hotel Sales Volumes and Number of Hotels Sold-AustraliaInvestmentADR and RevParout
50、pacing inflationOverviewFigure 10 illustrates deal volumes above$10 million totaled$2.14 billion in 2022 over 53 transactions,up 15%from the previous year.This is the most active year by number and second most active year by dollar value on record.The average hotel transaction price has decreased fr
51、om AUD$42M to AUD$41M.This sits below the long-term average of AUD$56M over the previous ten years to 2019.In 2022,the initial weighted yield has softened to 4.07%as a result of a combination of recovering occupancies with demand in some markets above pre-pandemic levels,strong ADR growth,and an inc
52、reasing interest rate environment.However,this softening has been against the backdrop of historically low weighted initial yields reflecting not only the unprecedented-low cash rate of 0.1%,but also the severely depressed income from hotels which occurred during the pandemic-affected period.Notable
53、 transactions in 2022 include:-The Hilton Sydney which sold for a reported price circa AUD$530M-Spicers Retreats Portfolio sold for a reported AUD$130M across 110 regional luxury rooms-Rydges Sydney Harbour purchased for a reported AUD$101M-Crowne Plaza,Surfers Paradise for a reported AUD$96M-The Ry
54、dges North Sydney purchased for a reported AUD$75M-Peppers Kings Square,Perth for a reported AUD$28.8MTransaction activity in 2023 has started strong with the record-breaking sale of Australias first Waldorf Astoria by Hilton.Fiveightacquired the hotel from LendLease and its joint venture partnershi
55、p with Mitsubishi Estate Asia and represents the largest single asset hotel sale on record.The 220 room luxury hotel is being developed at Circular Quay and due to open in late 2026.Figure 8.The remarkable performance in ADR and RevPar over 2022 has seen annual growth substantially outpacing rising
56、inflation.Historically these metrics have been more closely correlated.The uniquely short lease periods(measured in days rather than years)and immediacy of income has seen hotel assets acknowledged as a hedge against inflation.Luxury hotels have the most promise as inflation hedges due to their less
57、 price-sensitive clientele.This asset class will dominate new supply over 2023 and 2024.OutlookHigh inflation and increased interest rates have emerged as a major concern in investment markets,placing upward pressure onyields and IRR expectations.We anticipate further softening of initial weighted y
58、ields for hotel properties which reflects growing property income following the post-pandemic recovery,as well as the already 325bps of cash rate increases(as at 8 February 2023),with potential for further increases to tame stubbornly high inflation.An expected stabilising of conditions as the year
59、unfolds should see capital markets benefit from greater investor certainty.There remains a significant level of equity capital on the sidelines waiting to be deployed.Improving tourism demand fundamentals andimpressive performance indictors acting as an inflation hedge are likely to cushion any impa
60、ct of higher credit-funding costs.Figure 11:Annual Percentage Change ADR and RevPar vs.Inflation Source:STR,RCA,ABS,CBRE Research-60%-40%-20%0%20%40%60%Dec-08Dec-09Dec-10Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22%changeCPIRevParADR0005001,0001,5002,0002,5003,
61、0002000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022Number of Hotel SalesTotal Hotel Sales(AU$million)Total Sales VolumeTotal Number of Hotels SoldSource:CBRE Hotels9CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 there were 344,000 international visitors and
62、 almost 4 million domestic visitors to Hotel,Motel,Serviced Apartment and Guest House accommodation(HRMSG)in Sydney.Domestic visitors represented 92%of the total visitors(prior to the pandemic,this was around 75%).Whilst total visitation to Sydney remains 40%below pre-pandemic levels,it is internati
63、onal arrivals that are most depressed at 83%below pre-pandemic rates.Average length of stay remains elevated due to residual mandatory quarantine periods captured in the annual data set.The strongest sources of domestic visitation were from Vic and NSW with almost half of visitation driven by busine
64、ss travel.For international arrivals,it was the USA and NZ.41%of international arrivals were here for holiday purposes,followed by 31%for business travel.According to the Bureau of Infrastructure and Transport Research Economics(BITRE),in the YE Sept22,airline travel to Sydney outpaced all other sta
65、tes comprising 20%of total domestic and 45%of total international passenger aircraft movements.DemandThe Sydney hotel sector has experienced one of the strongest y-o-y growth profiles across Australia driven by a return to corporate travel and interstate holiday makers.Over the last year,occupancy g
66、rowth outpaced all major tourism regions,up 69%to 64%.This is the highest result since the pandemic but remains 18%below YE Dec19 results.The Average Daily Rate has now outpaced the pre-pandemic rate at$250 and was up 31%over the year.As a result,Revenue Per Available Room(RevPar)has recorded strong
67、 growth to$161,however still 12%down on pre-pandemic performance.Second to Melbourne,Sydney has recorded the most significant y-o-y growth rate in ADR and RevPar.SupplyThere were two major CBD hotel openings and one suburban opening in Sydney during 2022.These were;M Gallery by Sofitel delivering 12
68、1 upper upscale rooms,Ace Hotel delivering 264 upper midscale rooms and Travelodge Hurstville which opened 124 rooms.Second to Melbourne,Sydney has the largest pipeline of premium stock currently under construction and due to open over the next two years.Notable projects include CitadinesWalker,Cape
69、lla,W hotel and 25hours totaling 1200 rooms.This represents 2.6%of total Greater Sydney hotel room inventory.OutlookAs Australias major international gateway market,Sydney will be a primary beneficiary of recovering international arrivals,which will help push occupancy levels higher.Average Daily Ra
70、tes are forecast to achieve more modest gains in 2023 following record breaking growth over the past two years.Sydney Overview10CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 12:Sydney Domestic and International Major Source Markets YE Sept22Figure 13:Key Statistics Table for the Sydney HRMSG Visi
71、tor Market YE Sept22Sydney Tourism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 2019Total Visitors3.99 million-28.2%0.344 million-83.1%4.33 million-42.9%Total Visitor Nights 9.66 million-19.1%5.514 million-37.3%15.17 million-26.8
72、%Average Length of Stay2.4 nights12.6%16.0 nights271.0%Largest Source MarketVicUSASource:TRA,CBRE Research51%42%22%6%5%4%1%VicNSWQldSAACTWATas16%14%9%8%8%7%4%4%4%3%USANZUKSingaporeIndiaOtherCanadaOther AsiaKoreaChina11CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 16:Sydney Financial Year Airport
73、Passenger MovementsFigure 15:Sydney Occupancy,Average Daily Rate and Revenue Per Available RoomFigure 14:Sydney Hotel Supply Pipeline Recently Opened and Under Construction Figure 17:Sydney Revenue Per Available Room Source:STR,BITRE,CBRE Research0%20%40%60%80%100%$0$50$100$150$200$250$300$350Dec-17
74、Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR/RevParADRRevParOccupancyHotel SupplyRecently Opened PropertyAddressSuburbScaleRoomsDateMGallery by Sofitel Porter House203 Castlereagh StreetCBDUpper Upscale1212022Ace
75、 Hotel47 Wentworth AvenueCBDUpper Midscale2642022Travelodge Hurstville6/8 Cross StreetHurstvilleMidscale1242022Under ConstructionCitadines North Sydney88 Walker StreetCBDUpscale2522023Capella Sydney23-33 Bridge StCBDLuxury1922023W Hotel31 Wheat RoadCBDLuxury5932023Moxy Hotel Sydney Airport56 Baxter
76、RoadMascotUpper Midscale3012023Hilton Garden Inn Hotel30 Somerset StreetKingswoodUpscale1052024CE Boston 25hour Hotel1-11 Oxford StreetCBDUpper Upscale1072024Hotel Indigo(Tattersalls Club)194-204 Pitt StreetCBDUpscale1102025Waldorf Astoria1 Alfred StreetCBDLuxury2202026Collection by TFE Surry Hills2
77、-38 Baptist StreetRedfernLuxury1022026-100%-80%-60%-40%-20%0%20%40%60%80%100%0554045------212021-22GrowthTotal MovementsMillionsDomesticInternationalGrowth$0$50$100$150$200$250Dec-17Mar-18Jun-18Sep-18Dec-18Mar-1
78、9Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevPar*100+rooms(hotels)*STR Data includes City and Metro Areas12CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 there were 196,000 international visitors and 3.13 million domest
79、ic visitors to Melbourne staying in Hotel,Motel,Serviced Apartment and Guest House accommodation(HRMSG).This saw domestic visitation account for 94%of total visitors,which is up by 16%on traditional levels.International visitors remain particularly lethargic at 86%below 2019 rates.Average length of
80、stay remains elevated due to residual mandatory quarantine periods captured in the annual data set.Whilst overall visitation results remain well below pre-pandemic levels,it has significantly recovered from the low point of the affected cycle in 2021.The strongest sources of domestic visitation were
81、 Vic(intrastate)and NSW.Almost 45%of these visitors were in Melbourne for holiday purposes,followed by 38%for business related travel.NZ,Singapore and India represented the dominant source of international demand with holiday travel accounting for 42%of visitation and business-related travel account
82、ing for 26%.According to BITRE in the YE Sept22,airport passenger arrivals to Melbourne followed Sydney as the second busiest airport,making up 20%of domestic and 29%of international aircraft passenger movements.DemandIn the YE Dec22,Melbourne recorded the highest y-o-y growth rate nationally across
83、 two major performance indicators of Average Daily Rate(ADR)and Revenue Per Available Room(RevPar).At$216,ADR was up 39%over the year and has now outpaced pre-pandemic rates.RevPar was up 129%y-o-y to$130.Occupancy was up a notable 65%y-o-y to 60%.Occupancy and RevPar still remain 20%and 13%below 20
84、19 results,respectively.SupplyOver 2022,7 hotels opened in Melbourne,adding more than 1,500 new rooms to the market.These included;VocoHotel,AC Hotel and Veriu.The pipeline of projects under construction in inner Melbourne is significant and comprises 40%of the national supply pipeline.In total,ther
85、e are 13 hotel projects under construction which will deliver 3,000 new rooms,with an expected opening date in 2023 and 2024.A summary of these projects is outlined on the following page.Almost half of these projects will be classed luxury accommodation.The influx of rooms over 2023 and 2024 represe
86、nts 13%of existing Melbourne hotel stock.Outlook Melbournes supply pipeline is anticipated to benefit from a continued trajectory in visitation.International arrivals are forecast to lead the recovery of the Melbourne tourism market in combination with pent-up domestic demand caused by frequent and
87、extended lockdown periods during the pandemic which restricted travel to the state.CBRE anticipate inbound demand growth will push occupancy levels higher in 2023 with modest gains in ADR being at slower pace relative to 2022.Melbourne Overview13CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Melbourne To
88、urism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 2019Total Visitors3.13 million-40.7%0.196 million-85.6%3.33 million-49.9%Total Visitor Nights7.69 million-37.2%3.577 million-41.0%11.27 million-38.4%Average Length of Stay2.5 nig
89、hts6.0%18.3 nights309.8%Largest Source MarketVicNew ZealandFigure 18:Melbourne Domestic and International Major Source Markets YE Sept22Figure 19:Key Statistics Table for the Melbourne HRMSG Visitor Market YE Sept22Source:TRA,CBRE Research21%16%9%8%6%6%6%4%4%3%NZSingaporeIndiaUKOther AsiaOtherUSAOth
90、er EuropeMalaysiaChina50%35%17%10%4%3%3%VicNSWQldSAWATasACT14CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 22:Melbourne Financial Year Airport Passenger MovementsFigure 23:Melbourne Revenue Per Available Room Figure 20:Melbourne Hotel Supply Pipeline Recently Opened and Under Construction Figure
91、21:Melbourne Occupancy,Average Daily Rate and Revenue Per Available Room$0$20$40$60$80$100$120$140$160$180$200Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevPar0%20%40%60%80%100%$0$50$100$150$200$250Dec-17Mar-18Jun-18S
92、ep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR/RevParADRRevParOccupancyHotel SupplyRecently OpenedPropertyAddressSuburbScaleRoomsDateVeriu,Queen Victoria Market267 Flinders LaneCBDUpscale1102022Lyf Hotel42 Oxford StreetCollingw
93、oodUpscale1052022AC Hotel by Marriott201 Normanby RoadSouthbankUpscale2052022Voco Hotel18 Timothy LaneCBDUpscale2522022Courtyard by Marriott50 Batman StreetCBDUpscale1502022Holiday Inn Express 589 Little Collins StreetCBDUpper Midscale3122022Oakwood Hotel202 Normanby RoadSouthbankUpscale3922022Under
94、 ConstructionLe Meridien Hotel 20-30 Bourke StreetCBD Upper Upscale2352023Dorsett Hotel250 Spencer StCBD Upper Midscale3162023Ritz Carlton Hotel250 Spencer StCBD Luxury2632023The Standard Hotel 413 Fitzroy StreetFitzroy Upper Upscale1262023Shangri-La Hotel308 Exhibition StreetCBD Luxury4962023Lanson
95、Place Parl.Gardens502 Albert StreetEast CBDLuxury1372023Tribe Hotel60-62 Langridge StreetCollingwoodMidscale1872024Seafarers 1 Hotel739 Flinders StreetDocklandsLuxury2772024Holiday Inn Richmond 436 Swan StreetRichmond Upscale1602024Holiday Inn Walk Arcade309-325 Bourke StreetCBDUpper Midscale2732024
96、Indigo Hotel Walk Arcade309-325 Bourke StreetCBDUpper Upscale1772024CBD Place Hotel 124-130 Russell StreetCBDUpper Upscale1892025-100%-50%0%50%100%150%055------212021-22GrowthTotal MovementsMillionsDomesticInter
97、nationalGrowth*100+rooms(hotels)Source:STR,BITRE,CBRE Research*STR Data includes City and Metro Areas15CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 there were 92,481 international visitors and 2.17 million domestic visitors to Brisbane staying in Hotel,Motel,Service
98、d Apartment and Guest House accommodation(HRMSG).These results demonstrate that 2021 was the lowest point of the pandemic for international arrivals.Although recovering,international arrivals remain 85%below pre-pandemic rates.Domestic demand in Brisbane has experienced strong gains over the year,up
99、 45%.Visitor nights are now only 9.5%shy of pre-pandemic rates with the average length of stay up 16.5%on pre-pandemic performance.The strongest sources of domestic visitation were local(intrastate)and NSW travelers.For international arrivals,it was NZ and the UK.Business travel,closely followed by
100、holiday makers made up 75%of total domestic visitation.Holiday,Business and visiting friends and relatives travel were core drivers of international demand.According to BITRE in the YE Sept22,Brisbane was the third most active airport receiving 15%of total domestic and 13%of total international airc
101、raft passenger movements.DemandDomestic demand for holiday and business travel has underpinned strength in the Brisbane tourism market and it is one of few key tourism regions where all three performance indicators have outpaced or nearing pre-pandemic rates.Average Daily Rate(ADR)and Revenue Per Av
102、ailable Room(RevPar)are now 37%and 36%above 2019 rates sitting at$215 and$137,respectively.Occupancy in Brisbane was recorded at 69%in the YE Dec22 which is just shy of 2019 performance.SupplyHotel X is the only new hotel to open in Brisbane over the last three years.This followed an influx of luxur
103、y stock in the two proceeding years via the W Hotel,Calile Hotel.The upcoming supply pipeline for Brisbane is dominated by the Queens Wharf precinct which will deliver 4 upscale to luxury hotels over the next three years and adding a further 1,000 rooms to the Brisbane market.This represents around
104、2%of existing Brisbane hotel stock.OutlookThe Brisbane hotel market is anticipated to continue its positive recovery in line with an increase in infrastructure and tourism amenity.Projects such as Queens Wharf,Brisbane Live and Eagle Street Pier will be delivered over the coming few years and contin
105、ue to improve the citys position as a leisure destination.The 2032 Brisbane Olympics is a key focus and has naturally garnered worldwide media attention.In the short term,occupancy is anticipated to reach pre-pandemic performance by the end of 2023 which will assist in maintaining positive yet more
106、normalisedRevPar growth.ADR growth is anticipated to moderate following remarkable domestic tourism demand in 2022.Brisbane Overview16CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Brisbane Tourism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%cha
107、nge from 2019Total Visitors2.17 million-22.3%0.092 million-85.1%2.27 million-33.7%Total Visitor Nights5.41 million-9.5%0.831 million-60.1%6.24 million-22.6%Average Length of Stay2.5 nights16.5%9.0 nights167.3%Largest Source MarketQldNew ZealandFigure 24:Brisbane Domestic and International Major Sour
108、ce Markets YE Sept22Figure 25:Key Statistics Table for the Brisbane HRMSG Visitor Market YE Sept22Source:TRA,CBRE Research51%25%21%6%3%2%1%QldNSWVicSAWAACTNT23%16%10%8%7%5%4%4%4%3%NZOtherUKUSAOther AsiaTaiwanSingaporeOther EuropeFranceCanada17CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 28:Brisb
109、ane Financial Year Airport Passenger MovementsFigure 29:Brisbane Revenue Per Available Room Figure 26:Brisbane Hotel Supply Pipeline Recently Opened and Under Construction Figure 27:Brisbane Occupancy,Average Daily Rate and Revenue Per Available Room Source:STR,CBRE Research Q4 2022Hotel SupplyRecen
110、tly OpenedPropertyAddressSuburbScaleRoomsDateHotel X458 Brunswick StreetFortitude Valley Upper Upscale1462021Under ConstructionSwiss-BelhotelVulture StreetKangaroo PointUpper Upscale1092023The Star Queens WharfQueens Wharf RoadCBDUpper Upscale3402023Dorsett Queens Wharf Queens Wharf RoadCBDUpscale35
111、92023Rosewood Brisbane Queens WharfQueens Wharf RoadCBDLuxury1502024Mooted Ritz Carlton Queens WharfQueens Wharf RoadCBDLuxury1002025-70%-60%-50%-40%-30%-20%-10%0%10%20%30%40%05101520------212021-22GrowthTotal MovementsMil
112、lionsDomesticInternationalGrowth$0$50$100$150$200$250$300Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevPar0%20%40%60%80%100%$0$50$100$150$200$250$300Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Se
113、p-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR/RevParADRRevParOccupancy18CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 there were 48,000 international visitors and 2.1 million domestic visitors to the Gold Coast staying in Hotel,Motel,Serviced
114、 Apartment and Guest House accommodation(HRMSG).Domestic visitation represented almost all visitors to the Gold Coast.Prior to the pandemic it comprised a much lower rate of 60%.Domestic demand on the Gold Coast has experienced strong gains over the year with visitation up 33%and rates only 7%shy of
115、 pre-pandemic demand.The strongest sources of domestic visitation were local(intrastate)travelers and interstate arrivals from NSW and Vic.Almost 70%of these visitors were there for a holiday.NZ,India and the UK represented the dominant source of international demand with holiday travel accounting f
116、or 81%of visitation.According to BITRE in the YE Sept22,the Gold Coast made up 5%of total domestic and 2%of total international aircraft passenger movements across Australia.The Gold Coast Airport will be well equipped to cater to increasing inbound arrival rates via the recently completed multi-lev
117、el terminal.DemandIn the YE Dec22 the Gold Coast market recorded the highest result nationally in Average Daily Rate(ADR)and Revenue Per Available Room(RevPar)sitting at$270 and$189,respectively.These metrics are now 37%and 36%above pre-pandemic rates.Occupancy on the Gold Coast has also fully recov
118、ered to 2019 rates and sits above the long-term average at 70%.The Gold Coast is one of a few key tourism regions where all three performance indicators have outpaced pre-pandemic rates and reflects the regions strong domestic leisure demand throughout 2022.SupplyThe Langham Hotel at Surfers Paradis
119、e delivered 250 luxury grade rooms in June 2022.Prior to this,2021 saw an additional 560 rooms delivered via the Dorsett Hotel at Star Casino and Meriton Suites at Surfers Paradise.There are three hotel projects currently under construction and due for completion in 2024.These projects are scattered
120、 along the coastline from Broadbeach to Coolangatta.The mooted W Hotel is anticipated to join the Dorsett Hotel at the Star Casino delivering 210 luxury scale rooms.At Burleigh Heads the Mondrian Hotel will deliver 208 luxury rooms and further south,the Kirra Beach Hotel will open 92 upper upscale r
121、ooms in early 2024.Two further luxury hotels are currently proposed for Main Beach and Surfers Paradise mooted for 2026 and 2027 delivery dates.Outlook The Gold Coast tourism market is expected to benefit from more normalised international travel trends with occupancy remaining above the long-term a
122、verage.In the short term,Average daily rate performance is anticipated to remain positive but moderate following remarkable domestic tourism demand over the past two years.New luxury additions will assist in keeping room rates in this class elevated.Gold Coast Overview19CBRE RESEARCH 2023 CBRE,INC.H
123、otels|Q1 2023Gold Coast Tourism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 2019Total Visitors1.68 million-6.8%0.048 million-91.9%1.73 million-28.0%Total Visitor Nights5.92 million-3.0%0.209 million-89.3%6.13 million-24.0%Averag
124、e Length of Stay3.5 nights4.1%4.3 nights32.1%Largest Source MarketQldNew ZealandFigure 30:Gold Coast Domestic and International Major Source Markets YE Sept22Figure 31:Key Statistics Table for the Gold Coast HRMSG Visitor Market YE Sept22Source:TRA,CBRE Research39%27%26%3%2%1%QldNSWVicWASATas36%9%9%
125、7%5%5%5%5%3%3%NZIndiaUKSingaporeTaiwanUSAOtherOther AsiaJapanCanada20CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 34:Gold Coast Financial Year Airport Passenger MovementsFigure 35:Gold Coast Revenue Per Available Room Figure 32:Gold Coast Hotel Supply Pipeline Recently Opened and Under Construct
126、ion Figure 33:Gold Coast Occupancy,Average Daily Rate and Revenue Per Available Room$0$50$100$150$200$250$300Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevParHotel SupplyRecently OpenedPropertyAddressSuburbScaleRoomsD
127、ateMeriton Suites84-88 The Esplanade Surfers Paradise Upper Upscale3322021Dorsett Hotel(Star Gold Coast)1 Casino DriveBroadbeachUpscale3132021Langham Hotel,Jewel Gold Coast 38 Old Burleigh RoadSurfers ParadiseLuxury2542022Under ConstructionMondrian Hotel 50 The EsplanadeBurleigh HeadsLuxury2082024Ki
128、rra Beach Hotel Miles StreetKirra BeachUpper Upscale922024Mooted W Hotel(Star Gold Coast)1 Casino DriveBroadbeachLuxury21020240%20%40%60%80%100%$0$50$100$150$200$250$300$350$400Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec
129、-22OccupancyADR/RevParADRRevParOccupancy-80%-60%-40%-20%0%20%40%60%012345------212021-22GrowthTotal MovementsMillionsDomesticInternationalGrowthSource:STR,BITRE,CBRE Research21CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Arri
130、valsTRA reports Cairns(Tropical North Queensland)saw 30,000 international visitors and 1.14 million domestic visitors(97%of total visitation)that stayed in Hotel,Motel,Serviced Apartment and Guest Houses(HRMSG)in the most recent YE Sept22.Prior to the pandemic and much like the Gold Coast market,dom
131、estic visitation to the region usually contributed to around 60%of total visitation.TNQ has been a major beneficiary of the domestic tourism recovery with both visitor and visitor nights up 27%and 37%respectively on base year 2019 results.Average length of stay is also up 8%to 4.4 nights.The stronge
132、st sources of domestic visitation in the YE Sept22 were Qld(intrastate travel),Vic,and NSW,noting in pre-pandemic 2019,these were the same dominant source markets.The strongest sources of international visitation were the USA,the UK,NZ and other Asia.These markets,in addition to China and Japan were
133、 the dominant markets in 2019.More than 65%of visitors to TNQ were there for holiday purposes.DemandIn the YE Dec22 Average Daily Rate(ADR)and Revenue Per Available Room(RevPar)in Cairns sat at$215 and$136,respectively.These metrics are now 44%and 18%above pre-pandemic rates.Occupancy however remain
134、s 14%below pre-pandemic performance and 5%below the long-term average.Prior to COVID-19 the Cairns market had achieved relatively high occupancy and low room rates compared to other major Australian markets.SupplyBased on CBREs ongoing research there are currently no new hotel developments in the pi
135、peline.The most recent openings were in 2020 with the delivery of 235 rooms via CrystalbrookFlynn and Oaks hotels.Of note is the anticipated extended and refurbished Cairns Convention Centre to open in May 2023.Looking ahead,CBRE expect that as inbound visitation continues to improve there will be i
136、ncreased appetite to refurbish older hotels.Outlook Continued strength in domestic demand and recovering international arrivals should see occupancy meet the long-term average by the end of 2024.The lack of further room supply in Cairns will support this recovery.Average Daily Rates are anticipated
137、to moderate but remain positive as a result of continued growth in room night demand.Cairns Overview22CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023TNQ Tourism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 2019Total Visitors1.14 milli
138、on26.9%0.030 million-94.6%1.17 million-19.5%Total Visitor Nights5.02 million37.1%0.206 million-89.6%5.23 million-7.4%Average Length of Stay4.4 nights8.0%6.8 nights91.5%Largest Source MarketQldUSAFigure 36:TNQ Domestic and International Major Source Markets YE Sept22Figure 37:Key Statistics Table for
139、 the TNQ HRMSG Visitor Market YE Sept22Source:TRA,CBRE Research44%23%15%7%1%1%1%QldVicNSWSANTWATas20%13%11%10%5%5%5%5%5%4%USAUKNZOther AsiaItalyOther EuropeOtherJapanIndiaCanada23CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 40:Cairns Financial Year Airport Passenger MovementsFigure 41:Cairns Rev
140、enue Per Available Room Figure 38:Cairns Hotel Supply Pipeline Recently Opened and Under Construction Figure 39:Cairns Occupancy,Average Daily Rate and Revenue Per Available Room Hotel SupplyRecently OpenedPropertyAddressSuburbScaleRoomsDateFlynn A CrystalbrookCollection Hotel85 EsplanadeCairnsUpper
141、 Upscale3112020Oaks Cairns Hotel59-63 EsplanadeCairnsUpscale762020-50%-40%-30%-20%-10%0%10%20%30%01234------212021-22GrowthTotal MovementsMillionsDomesticInternationalGrowth$0$50$100$150$200$250Dec-17Mar-18Jun-18Sep-18Dec-
142、18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevPar0%10%20%30%40%50%60%70%80%90%100%$0$50$100$150$200$250$300Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR
143、/RevParADRRevParOccupancySource:STR,BITRE,CBRE Research24CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 there were 52,000 international visitors and 1.13 million domestic visitors to Perth staying in Hotel,Motel,Serviced Apartment and Guest House accommodation(HRMSG).
144、These results demonstrate that 2021 was the lowest point of the pandemic for international arrivals.Although recovering,international arrivals remain 85%below pre-pandemic rates.Domestic demand in Perth has experienced strong gains over the year,with visitation up 35%.This is solid result given WA w
145、as the last state in the nation to lift its interstate travel restrictions.Visitors to Perth are staying longer,with average length of stay up on pre-pandemic rates.The strongest sources of domestic visitation were local WA(intrastate),Vic and NT travelers.For international arrivals,Singapore,NZ and
146、 the UK contributed most significantly to arrival numbers.For domestic visitors,holiday and business travel(driven by continued strength of the mining and resource sector)contributed to 42%and 36%of visitation numbers,respectively.Holiday and business travel were also drivers of international demand
147、.According to BITRE in the YE Sept22,Perth was the fourth most active airport receiving 6.6%of total domestic and 9%of total international aircraft passenger movements.DemandPerth is one of few key tourism regions where all three performance indicators have outpaced or nearing pre-pandemic rates.Dom
148、estic demand for holiday and business travel has underpinned strength in the Perth tourism market.Average Daily Rate(ADR)and Revenue Per Available Room(RevPar)are now 23%and 13%above 2019 rates sitting at$203 and$137,respectively.Occupancy in Perth was recorded at 67%in the YE Dec22 which is just sh
149、y of the 2019 base rate.SupplyThe most recent additions to the Perth hotel market were in 2020 and 2021 where Double Tree by Hilton and Adnate Hotel delivered 479 upscale and upper upscale rooms.The re-opening of the refurbished ParmeliaHilton also opened in 2021.Prior to this,the luxury Ritz Carlto
150、n opened in 2019.There is a robust supply pipeline for Perth currently under construction and due to complete by the end of 2025.Four projects of differing scales will see 577 new rooms delivered to the market.Most notably is the upscale Dorsett Hotel and luxury Elizabeth Quay project which will del
151、iver around 77%of the new supply pipeline.The level of new stock represents 3.5%of existing Perth room inventory.Of note is the Perth Airport masterplan which is a$2.5 billion spend on terminal upgrades and includes a new parallel runway.OutlookThe Perth tourism market is expected to benefit from mo
152、re normalisedinternational travel trends and continued domestic demand.As a result,occupancy is expected to post modest gains,outpacing pre-pandemic performance by mid year.ADR and RevPar growth is expected to moderate but remain positive given the lift in overall standard of hotel inventory.Perth O
153、verview25CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Perth Tourism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 2019Total Visitors1.13 million-23.1%0.052 million-84.9%1.18 million-34.9%Total Visitor Nights3.09 million-20.7%0.436 mi
154、llion-75.0%3.52 million-37.5%Average Length of Stay2.7 nights3.0%8.4 nights66.0%Largest Source MarketWASingaporeFigure 42:Perth Domestic and International Major Source Markets YE Sept 22Source:TRA,CBRE ResearchFigure 43:Key Statistics Table for the Perth HRMSG Visitor Market YE Sept2240%11%11%6%5%2%
155、1%WAVicNTQldSATasNT35%10%9%6%5%5%4%3%3%3%SingaporeNZUKUSAOther EuropeOther AsiaIndonesiaIndiaMalaysiaGermany26CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 46:Perth Financial Year Airport Passenger MovementsFigure 47:Perth Revenue Per Available Room Figure 44:Perth Hotel Supply Pipeline Recently
156、Opened and Under Construction Figure 45:Perth Occupancy,Average Daily Rate and Revenue Per Available Room Hotel SupplyRecently OpenedPropertyAddressSuburbScaleRoomsDateDoubleTree by Hilton351 Riverside Drive PerthUpscale2292020The Adnate Hotel900 Hay StreetPerthUpper Upscale2502021Ausotel by Argyle1
157、66 Mounts Bay RoadPerthEconomy712023Owner OperatedHacket DriveCrawleyMidscale662024Elizabeth Quay(AAIG Mixed Use)Lot 3 Elizabeth QuayNorthbridgeLuxury1902025Dorsett HotelMilligan StreetNorthbridgeUpscale2502025-80%-60%-40%-20%0%20%40%60%024681012---152015-16201
158、6---212021-22GrowthTotal MovementsMillionsDomesticInternationalGrowth0%20%40%60%80%100%$0$50$100$150$200$250$300Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR/RevParADRRevParOccupanc
159、y$0$50$100$150$200$250Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevParSource:STR,BITRE,CBRE Research27CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 there were 18,000 international vis
160、itors and 1.13 million domestic visitors to Adelaide staying in Hotel,Motel,Serviced Apartment and Guest House accommodation(HRMSG).Although recovering,from the lows of 2021,international arrivals remain 90%below pre-pandemic rates.Domestic demand in Adelaide has experienced strong gains over the ye
161、ar,up 50%,but still 17%below pre-pandemic rates.Sources of domestic visitation were predominantly interstate Vic and intrastate SA travelers with 75%of total visitation for business or holiday purposes.For international arrivals,major sources of demand were the USA,NZ and the UK.Business and and hol
162、iday makers were core drivers of international demand.According to BITRE in the YE Sept22,Adelaide was the fifth most active airport receiving 6%of total domestic and 2%of total international aircraft passenger movements.DemandIn the YE Dec22,Adelaide has recorded strong gains across all three perfo
163、rmance indicators.Average Daily Rate(ADR)and Revenue Per Available Room(RevPar)are now 26%and 10%above 2019 rates sitting at$196 and$139,respectively.Occupancy in Adelaide was recorded at 71%in the YE Dec22,which is 10%below pre-pandemic rates but in line with the long-term average.SupplyThere has b
164、een no new supply added to the Adelaide hotel market over 2022,however 2020 and 2021 saw the completion of three premium grade projects adding 450 rooms.These were;Hotel Indigo,Oval hotel and EOS by SkyCity.Adelaide has a four upscale projects that are currently under construction and due to complet
165、e throughout 2023 and 2024.These projects will deliver a combined 660 rooms,which represents around 6%of Adelaides total room inventory.OutlookAdelaide is anticipated to benefit from continued leisure and corporate demand relative to 2022.As a result,occupancy is expected to post modest gains over t
166、he year.The high quality of new hotel supply that has entered the market and due to complete over the coming two years should assist the market in achieving ADR gains,albeit at a more moderate pace to the unprecedented growth recorded in 2022.Adelaide Overview28CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1
167、2023Adelaide Tourism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 2019Total Visitors1.13 million-17.2%0.018 million-90.2%1.15 million-26.0%Total Visitor Nights2.90 million-15.4%0.176 million-77.4%3.07 million-26.9%Average Length
168、of Stay2.6 nights2.2%9.7 nights131.6%Largest Source MarketVicUSAFigure 48:Adelaide Domestic and International Major Source Markets YE Sept 22Source:TRA,CBRE ResearchFigure 49:Key Statistics Table for the Adelaide HRMSG Visitor Market YE Sept2235%31%21%17%7%2%1%1%VicSANSWQldWATasNTACT17%16%11%10%9%6%
169、5%4%4%3%USANZUKIndiaOther AsiaSingaporeOtherCanadaGermanyFrance29CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 52:Adelaide Financial Year Airport Passenger MovementsFigure 53:Adelaide Revenue Per Available Room Figure 50:Adelaide Hotel Supply Pipeline Recently Opened and Under Construction Figure
170、 51:Adelaide Occupancy,Average Daily Rate and Revenue Per Available Room-60%-50%-40%-30%-20%-10%0%10%20%30%011223------212021-22GrowthTotal MovementsMillionsDomesticInternationalGrowthHotel SupplyRecently OpenedPropertyAdd
171、ressSuburbScaleRoomsDateSofitel Adelaide108 Currie StreetCBDLuxury2512021Hotel Indigo 23-29 Market StreetCBDUpper Upscale1372021Oval HotelKing William RoadNorth AdelaideUpscale1282020EOS by SkyCityFestival DriveCBDLuxury 1232020Under ConstructionTRYP by Wyndham266 Pulteney StreetCBDUpper Upscale1242
172、023Vibe Hotel AdelaideFlinders St,AdelaideCBDUpper Upscale1232023Marriott GPO Adelaide 141-159 King William StCBDUpper Upscale2852024Holiday Inn and SuitesNorthern SuburbsMawson LakesUpper Midscale13020240.00%20.00%40.00%60.00%80.00%100.00%$0$50$100$150$200$250Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun
173、-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR/RevParADRRevParOccupancy$0$20$40$60$80$100$120$140$160$180Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevParSource:STR
174、,BITRE,CBRE Research30CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 there were 21,000 international visitors and 1.27 million domestic visitors to Canberra staying in Hotel,Motel,Serviced Apartment and Guest House accommodation(HRMSG).Whilst up 45%over the year,domes
175、tic visitation still remains 24%below pre-pandemic rates by number and 21%by visitor nights.International visitors remain particularly lethargic at 80%below 2019 rates.The strongest sources of domestic visitation in the YE Sept22 were interstate NSW and Vic business travelers.Traditionally,domestic
176、business travel contributes around half of total domestic visitation(namely Government related business travel).In the YE Sept22 it made up 42%.For international arrivals,Other Asia,the USA and NZ were the strongest sources of demand with purpose of travel dominated by holiday and business-related t
177、ravel.DemandA return to corporate travel and an increase in Interstate holiday makers has underpinned strength in the Canberra tourism market throughout 2022.Over the last year,occupancy achieved strong growth reaching 70%by Dec22.This is the highest result since the pandemic and is only 7%shy of YE
178、 Dec19 results.Average Daily Rate(ADR)has now outpaced the pre-pandemic rates at$205 and was up 20%over the year.As a result,Revenue Per Available Room(RevPar)has recorded strong growth to$144,up 96%over the year and up 10%on pre-pandemic rates.Third to Sydney and Melbourne,Canberra has recorded the
179、 most significant y-o-y growth in occupancy and RevPar.SupplyThe supply pipeline for Canberra remains thin.The most recent additions to the Canberra hotel market was in 2021 when Campbell 5 delivered 129 upscale rooms to the city.The only new project currently under construction is the Meriton Suite
180、s due to complete this year.This upper upscale project will add 270 new rooms,or around 4%of existing hotel stock.The mooted pipeline for Canberra is in excess of 2,500 rooms across 15 projects.However,progress remains slow,and majority are considered on hold as developers wait for market stabilisat
181、ion.OutlookCanberra is expected to benefit from a continued recovery in government and business travel,in addition to stabilsationin domestic leisure demand and improving inbound arrivals.In response to a lack of new supply,the market is anticipated to reach a pre-pandemic occupancy rates by mid-yea
182、r.The exceptional Average Daily Rate growth experienced throughout 2022 is forecast to moderate in 2023.Canberra Overview31CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Canberra Tourism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 20
183、19Total Visitors1.27 million-23.5%0.021 million-80.4%1.29 million-27.0%Total Visitor Nights2.67 million-20.6%0.081 million-79.0%2.75 million-26.6%Average Length of Stay2.1 nights3.7%3.8 nights7.1%Largest Source MarketNSWOther AsiaFigure 54:Canberra Domestic and International Major Source Markets YE
184、Sept 22Source:TRA,CBRE Research Figure 55:Key Statistics Table for the Canberra HRMSG Visitor Market YE Sept2262%41%28%6%3%1%1%NSWVicQldSAWATasNT19%15%12%10%7%6%6%5%4%4%Other AsiaUSANZIndiaChinaOtherUKSingaporeOther EuropeFrance32CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 58:Canberra Financial
185、 Year Airport Passenger MovementsFigure 59:Canberra Revenue Per Available Room Figure 56:Canberra Hotel Supply Pipeline Recently Opened and Under Construction Figure 57:Canberra Occupancy,Average Daily Rate and Revenue Per Available Room Hotel SupplyRecently OpenedPropertyAddressSuburbScaleRoomsDate
186、Campbell 5131 Constitution Av&Anzac PdeCanberraUpscale1292021Under ConstructionMeriton Suites Canberra40 AllaraCanberraUpper Upscale2702023-60%-40%-20%0%20%40%60%01122------212021-22GrowthTotal MovementsMillionsDomesticInt
187、ernationalGrowth0%20%40%60%80%100%$0$50$100$150$200$250Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR/RevParADRRevParOccupancy$0$20$40$60$80$100$120$140$160$180$200Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Se
188、p-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevParSource:STR,BITRE,CBRE Research33CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 over 98%of visitation to Hobart was domestic.Prior to the pandemic,it usually contributed to around 8
189、5%of total visitation,with majority visiting for holiday purposes.Major attractions include MONA(The Museum of Old and New Art)in addition to the citys increasingly reputation for world class food and cultural facilities.Total domestic visitation to Hobart is only 8%below pre-pandemic levels.Visitor
190、s are also staying longer,with total visitor nights up 4.6%and average length of stay up 14%to 3 nights on pre-pandemic rates.The strongest sources of domestic visitation in the YE Sept2022 were Vic,Tas(intrastate)travel and NSW.More than half(63%)of visitors were there for holiday purposes.This is
191、up on pre-pandemic holiday rates of 50%,further evidencing the regions increasing leisure-based domestic demand.The strongest sources of international visitation were Singapore,the UK and NZ.More than 85%of international visitors to Hobart were there for holiday purposes.DemandAverage Daily Rate(ADR
192、)and Revenue Per Available Room(RevPar)sat at$218 and$118,respectively.These metrics are now 18%and 8%above pre-pandemic rates.Occupancy sits at 77%.Prior to the pandemic occupancy levels in Hobart ranged from 79%to 82%.SupplyThe Tasman and Movenpick hotels opened in Hobart during 2021.The Tasman de
193、livered 152 luxury rooms and the Movenpick opened 221 upscale rooms.Based on CBRE Hotels ongoing research in relation to Hobarts supply pipeline,Fragrance Hotel is the only project proposed.Despite various additional hotel developments being considered,the likelihood of these hotels entering the con
194、struction phase is currently considered unlikely in the short to medium term given the weight of current new supply and upward pressure on construction costs and interest rates.Outlook We expect occupancy to gradually increase through 2023 and 2024 as the domestic leisure market continues to grow at
195、 a modest pace and international visitation recovers.ADR is forecast to maintain growth reflective of the recent premium entrants.ADR growth however will moderate from the exceptional gains achieved in 2022.Hobart Overview34CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Hobart Tourism MarketHRMSG Accommo
196、dation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 2019Total Visitors0.63 million-8.2%0.012 million-89.8%0.64 million-20.0%Total Visitor Nights1.88 million4.6%0.045 million-88.2%1.92 million-11.7%Average Length of Stay3.0 nights14.0%3.8 nights14.8%Larges
197、t Source MarketVicSingaporeFigure 60:Hobart Domestic and International Major Source Markets YE Sept 22Source:TRA,CBRE ResearchFigure 61:Key Statistics Table for Hobart HRMSG Visitor Market YE Sept2227%22%18%14%7%3%2%1%VicTasNSWQldSAWAACTNT29%13%11%9%7%7%7%2%2%2%SingaporeUKNZUSAHong KongOther AsiaInd
198、iaChinaMalaysiaOther35CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 64:Hobart Financial Year Airport Passenger MovementsFigure 65:Hobart Revenue Per Available Room Figure 62:Hobart Hotel Supply Pipeline Recently Opened and Under Construction Figure 63:Hobart Occupancy,Average Daily Rate and Reven
199、ue Per Available Room Hotel SupplyRecently Opened PropertyAddressSuburbScaleRoomsDateThe Tasman-(Marriott International)12 Murray StreetHobartLuxury1522021Movenpick Hotel28 Elizabeth StreetHobartUpscale2212021Crowne Plaza Hobart110 Liverpool StreetHobartUpscale2352020Vibe Hotel 36 Argyle StreetHobar
200、tUpscale1422020ProposedFragrance Hotel Hobart 179 Macquarie Street HobartUpscale206-60%-40%-20%0%20%40%60%01122------212021-22GrowthTotal MovementsMillionsDomesticInternationalGrowth$0$50$100$150$200$250$300Dec-17Mar-18Jun
201、-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22ADR0%20%40%60%80%100%$0$50$100$150$200$250$300Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR/RevP
202、arADRRevParOccupancySource:STR,BITRE,CBRE Research36CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023ArrivalsTRA reports in the YE Sept22 over 98%of visitation to Darwin was domestic.Prior to the pandemic,it usually contributed to around 87%of total visitation and was primarily driven by resource sector em
203、ployment.The INPEX Iclthys LNG project at Blaydin Point is one of the worlds most significant oil and gas projects which completed construction in 2017.More recently however,tourism has been boosted by an increase in domestic driven leisure demand and regions proximity to NTs major tourist destinati
204、ons such as Kakadu and Litchfield National Parks.As a result,both visitor and visitor nights are up 6.5%and 36%respectively on pre-pandemic levels.Visitors are also staying longer,with average length of stay up 27%to 4.5 nights.The strongest sources of domestic visitation in the YE Sept2022 were int
205、erstate NSW,Qld and Vic.Over half of all visitation was for holiday purposes.Prior to the pandemic,employment usually contributed to this level of visitation,further evidencing the regions transition to more leisure-based domestic demand.DemandIn the YE Dec22 Darwin was one of few tourism regions to
206、 exceed pre-pandemic rates across all three performance indicators.Average Daily Rate(ADR)and Revenue Per Available Room(RevPar)sat at$219 and$138,respectively.These metrics are now 48%and 63%above pre-pandemic rates.Occupancy sits at 63%,which is 6%above pre-pandemic rates.SupplyThere has been no n
207、ew hotel supply in Darwin for several years.Further,no projects are currently under construction.There are two proposed projects;Quest Darwin and North One Hotel&Apartments(Little Mindil).These projects are yet to progress to construction phase and in the short-term heighted construction costs will
208、act as a major barrier.Of note is a terminal upgrade at Darwin International Airport currently under construction and set to double check-in facilities by mid-year.OutlookCBRE expect occupancy to gradually increase through 2023 and 2024 as domestic demand continues to strengthen and international vi
209、sitation recovers.Concerted marketing campaigns by Tourism NT are aimed at bolstering pent-up demand from interstate markets.Moderating ADR growth following exceptional gains in 2022 is forecast.The recovery of Darwins tourism market will be further supported by the absence of additional room supply
210、.Darwin Overview37CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Darwin Tourism MarketHRMSG Accommodation YE September 2022DOMESTIC%change from 2019INTERNATIONAL%change from 2019TOTAL%change from 2019Total Visitors0.44 million6.5%0.010 million-86.0%0.45 million-6.9%Total Visitor Nights1.97 million35.7%0.
211、126 million-64.9%2.10 million15.7%Average Length of Stay4.5 nights27.4%13.0 nights151.3%Largest Source MarketNSWItalyFigure 66:Darwin Domestic and International Major Source Markets YE Sept 22Source:TRA,CBRE ResearchFigure 67:Key Statistics Table for Darwin HRMSG Visitor Market YE Sept2224%21%18%13%
212、10%8%1%1%NSWVicNTQldSAWATasACT15%15%14%13%10%7%7%5%3%2%ItalyOther EuropeNZUKUSAOther AsiaNetherlandsGermanySingaporeScandinavia38CBRE RESEARCH 2023 CBRE,INC.Hotels|Q1 2023Figure 70:Darwin Financial Year Airport Passenger MovementsFigure 71:Darwin Revenue Per Available Room Figure 68:Darwin Hotel Sup
213、ply-ProposedFigure 69:Darwin Occupancy,Average Daily Rate and Revenue Per Available Room Hotel SupplyProposedPropertyAddressSuburbScaleRoomsDateNorth One Hotel&Apartments(Little Mindil)25 Gilruth Avenue The GardensLuxury2212025Quest Darwin13 Daly StreetDarwinUpper Midscale482025-50%-40%-30%-20%-10%0
214、%10%20%30%40%0112------212021-22GrowthTotal MovementsMillionsDomesticInternationalGrowth0%20%40%60%80%100%120%$0$50$100$150$200$250$300$350Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-2
215、1Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22OccupancyADR/RevParADRRevParOccupancy$0$50$100$150$200$250$300Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22RevParSource:STR,BITRE,CBRE ResearchConfidential&Proprietary|2022 CBR
216、E,Inc.39Troy CraigTroy CraigRegional DirectorHotel Valuations+61 439 398 769Troy.CAlly McDadeAlly McDadeHead of Hotels and PBSA Research+61 426 264 314Ally.McDMichael SimpsonMichael SimpsonManaging DirectorHotels Brokerage+61 431 649 724MichaelJ.SThis disclaimer shall apply to CBRE Inc.and to all ot
217、her divisions of the Corporation(“CBRE”).All information included herein pertaining to CBRE including but not limited to its operations,employees,technology and clients are proprietary and confidential,and are supplied with the understanding that they will be held in confidence and not disclosed to
218、third parties without the prior written consent of CBRE.CBRE and the CBRE logo are the service marks of CBRE Inc.and/or its affiliated or related companies in other countries.All other marks displayed on this document are the property of their respective owners.Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.CBRE 2021 All Rights Reserved.Contacts