Melbourne hotel sector booms triggered by Asian investment

Published on : Friday, July 21, 2017

MelbourneThe capital of the most populous Australian state, Victory, Melbourne has started bearing testimony to a booming hotel sector thanks to increased investment from Asia, as per a revelation on Friday.

 

The government of Victoria has approved a series of new hotels across Melbourne in the least two years comprising Shangri-La and Mandarin Oriental locales.

 

Over 8,050 hotel rooms are approved in Melbourne with a majority of the buildings possessing residential apartments and hotel rooms representing a common trend in Asia that is unusual in Australia.

 

According to a report published by Deloitte Access Economic released on Friday, there was a greater demand for hotels in Melbourne as compared to any other Australian city.

 

This is because 88% of the rooms in the city occupied in February 2017 as compared to the national average of 66% in 2016. Robert Doyle, Lord Mayor of Melbourne told the Australian media that they were not able to build hotels rapidly. He added that he has been writing proposals for conventions and conferences for 2022 and 2024 and all of that requires many hotel rooms.

 

Josh Rutman who is the director of real estate firm CBRE said that a majority of the investment into the industry had been sourced from Singapore, China and Malaysia.

 

Doyle feels that Melbourne deserves a combined approach involving retail, hotel and residential complexes.

 

 

 

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