Jul 09 2008
Australia Markets Stronger than Presumed
Even with the decrease in demand, Australian Hospitality companies enjoyed growth and continued momentum.
Revenue per Available Room, the industry benchmark for performance, showed an increase as room rates went up to counter the lack of demand.
“Whilst the rate of growth has slowed from last year, the results are an encouraging sign that Australia’s major markets are more resilient than widely thought,” said Mr Troy Craig, Executive Vice President, Jones Lang LaSalle Hotels. He added, “Queensland’s leisure markets were particularly hard hit by a very wet summer period which drove visitors to alternate domestic and international destinations.”
The growth was enjoyed across the entire Australian continent.
