2017 Tourism Investment Monitor Released
Tourism Research Australia (TRA) today released its Tourism Investment Monitor for 2017. It shows that in 2016-17, there were 204 investment projects valued at $37.8 billion, including:
$17.0 billion in art, recreation and business services
$10.1 billion in aviation infrastructure
$10.8 billion in accommodation
While the TRA did change their methodology for the survey, there are some interesting comparisons with last years publication. The amount of investment in arts, recreation and business services increased over 16%, mainly due to investments and refurbishments into new sporting complexes. Investment in aviation decreased, largely due to project completions and a surge in new airplane purchases in 2016 (which bolstered last years investment). The Western Sydney Airport at Badgerys Creek makes up over half of total investment in aviation across the country. Accommodation investment increased by over 40% and there are currently 19,730 hotel rooms in the pipeline around the country. Additionally, there are another 19,910 accommodation rooms that are part of larger mixed-use projects. These projects are excluded from the investment pipeline because they are largely residential in focus. Australia continues to experience an incredibly high level of investor interest in hotel projects.
Are you seeking to attract investment in hotels or other tourism infrastructure? We work with private sector investors and local governments regarding tourism investment all the time. Please feel free to get in touch with us about your project (info@lucideconomics.com.au, 1-800-940-990).
If you want a copy of the 2017 Tourism Investment Monitor, just send us an email at info@lucideconomics.com.au.
