In Sydney, the luxury segment achieved a lower occupancy rate compared to Melbourne, but due to a higher average daily room rate, performed better in value terms. The stronger results in Sydney can be attributed to the strength of the market and the booming economic activity in the banking, finance, insurance, professional services and construction/infrastructure projects which is causing an increase in overall room demand in Sydney, in addition to demand driven by tourism.
International tourism remains the biggest driver in demand for luxury hotel rooms. As at year ending 31 March 2017, Australia was host to over 8.
In Melbourne and Sydney, high-end boutique hotels have gained in popularity. The main appealing features of a luxury boutique hotel compared to luxury hotel chains include a more tailored, personalised service and more fashionable designs.
Fairmont Raffles Hotels International (FRHI) which owns the Fairmont, Raffles and Swissotel brands has been acquired by AccorHotels which already owns high-end luxury hotel brands such as Sofitel, MGallery and Pullman. The acquisition was valued at AUD2.
The new Sofitel Sydney Darling Harbour was launched in October 2017 by the Australian Minister for Tourism and Major Events. This new 5-star hotel is centrally located in a vibrant part of the Sydney CBD and boasts 590 guest rooms, including 35 luxury suites.
The first W Hotel in Australia is planned to open in Melbourne in 2020. It was under construction at the end of the review period, and will be part of the AUD1 billion mixed-use Collins Arch building.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Hotels (5-star plus) industry in Australia with research from Euromonitor's team of in-country analysts.
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