Hotel investors, operators, developers and financiers from Singapore are being targeted in an on-going campaign to provide more hotel rooms in Brisbane each year for the next decade. An active approach to attracting hotel investment has reaped rewards for Brisbane with more than 500 additional hotel rooms either available or coming online this year, but many more are needed.
Speaking at the launch of the updated Guide to Hotel Investment in Brisbane, Lord Mayor Graham Quirk said more investment in hotel rooms was needed to attract high spending visitors. “Brisbane is forgoing about 121,000 visitors a year. The shortage is causing the market to defer an estimated 278,000 room nights every year – about 14% of current demand.”
“This deferred economic benefit is largely contributed to the lack of hotel supply which. in turn, is hampering Brisbane’s ability to attract major events and conferences. This lost visitor expenditure equates to about 1100 jobs and AUD$114 million in economic activity that would otherwise exist. More hotel rooms are needed to realise this deferred demand, and enable the city to procure more international business events and conferences. Brisbane’s events calendar is already brimming with world class sporting and cultural events. We have world class conference facilities hosting major business events, not to mention the upcoming G20 which will bring world leaders and global media to Brisbane.”
Brisbane Marketing’s investment attraction manager has been in Berlin, London, Hong Kong and Singapore to raise awareness of Brisbane as a hotel investment destination.