WE THINK THE OUTLOOK FOR CAIRNS IS STRONG IN THAT THERE ’ S A PROXIMITY TO SOME OF THE BIGGEST GROWTH MARKETS IN THE WORLD , PARTICULARLY OUT OF CHINA ,
REGIONAL REPORT
Entertainment , parent company of the Atura , Eventhouse , Rydges and QT brands .
“ We think the outlook for Cairns is strong in that there ’ s a proximity to some of the biggest growth markets in the world , particularly out of China ,” says David Seargeant , Event Hospitality ’ s CEO and managing director who is stepping down this year after 28 years with the company .
“ It ’ s very well-serviced with flights , great time zone , and we ’ re also seeing some growth out of the Japanese market and out of Asia ,” Seargeant continues . “ The Cairns market , with its appeal of Great Barrier Reef and great natural attractions , has very strong appeal .”
While Seargeant says Sydney and Melbourne are still most attractive in terms of proposed new development , he also remains confident in Perth , which
WE THINK THE OUTLOOK FOR CAIRNS IS STRONG IN THAT THERE ’ S A PROXIMITY TO SOME OF THE BIGGEST GROWTH MARKETS IN THE WORLD , PARTICULARLY OUT OF CHINA ,
— DAVID SEARGEANT
lacks the oversupply of Brisbane and is beginning to see demand grow again .
Perth , the country ’ s third top market with 12 projects and 2,552 rooms in its pipeline , saw the opening in December of Australia ’ s most expensive hotel development the 500-room Crown Towers Perth , built at a cost of A $ 650 million ( US $ 498 million ). Additionally in May , the 224-rooom Aloft Perth will be the first in Australia to open under Starwood ' s millennial-focused brand .
Despite having some notable openings , Perth ’ s ADR for 2016 was A $ 194 ( US $ 149 ), just four dollars more than it was in 2010 . That ’ s due to fallout from 2013 ’ s mining boom and subsequent bust in both Perth and Brisbane – the two have experienced significant supply increases over the past few years , which , CBRE says , makes new developments in the medium term for those markets unlikely .
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