According to The Australian Financial Review, a record number of new hotels under construction – many of them due to open over the next 12 months – will make it harder for hotel owners to lift occupancies and daily rates as the sector tries to recover from the crippling impacts of the pandemic.
JLL's Hotel Development Register shows there are 61 hotels and 13,300 hotel rooms currently under construction across the capital city, key city fringe and major regional markets.
Of these, 23 hotels and 5262 rooms – almost 40 per cent of the national total – are in the Melbourne CBD and city fringe with most of them due to open in the next 12 months, including W, Ritz-Carlton and Shangri-La hotels.
In Sydney, 13 hotels are under construction, comprising a total of 2,392 rooms in the CBD and 492 rooms in key fringe markets. Seven of these are due to open by June next year.
The Gold Coast has almost 1600 rooms under construction ahead of Adelaide (966), Brisbane (933), Perth (605), Hobart (491) and Cairns (311).
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