Australian Tourism Open for Investment - JANUARY 2017 - Austrade

 
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Australian Tourism Open for Investment - JANUARY 2017 - Austrade
Australian Tourism
Open for Investment
JANUARY 2017

www.tourisminvestment.com.au
Australian Tourism Open for Investment - JANUARY 2017 - Austrade
“Investors recognise that the southern hemisphere is where the hotel
                                                                                                             growth is and what better place to invest than in Australia, which has
                                                                                                             good corporate governance, good planning controls and is a well-
                 Australia’s economy ranks
                                                                                                             regulated and mature market with good underlying economy?”4
                13th largest in the                                                                         Ron Barrott, Chief Executive Officer, Pro-invest Group

                world and is in its 26th
                year of consecutive annual 
                economic growth.1
                                                                                                             Australia’s Economic Fundamentals
                                                                                                              Tourism Industry Fundamentals                      Strong Aviation Growth
                                                                                                                                                                 International aviation capacity to Australia
                                                                                                              What is the tourism industry worth?
                                                                                                                                                                 grew nine per cent in the 12 months to
                                                                                                              >> A
                                                                                                                  $117.9 billion in year ending September       September 2016. Markets which registered
                                                                                                                 2016 (inbound A$38.8 billion/ domestic          significant capacity growth included Japan
                                                                                                                 A$79.1 billion) generating A$52.9 billion       (+21 per cent), China (+37 per cent), USA
                                                                                                                 in direct GDP5                                  (+7 per cent) and Qatar (+52 per cent).11
                                                  Australia is the only major                                 >> 8
                                                                                                                  .1 million international visitors in year     >> O
                                                                                                                                                                     n 5 December 2016, Australia and China
                                                                                                                 ending September 2016, increasing by
                                                  developed economy to have                                      11 per cent from the previous period6
                                                                                                                                                                    settled arrangements for a landmark
                                                                                                                                                                    open aviation market between the
                                                  recorded no
                                                           annual                                             >> Directly employs over 580,000 people7              two countries. Both Governments have
                                                                                                                                                                    removed all capacity restrictions from the
                                                  recessions from                                             Globally, Australia is…
                                                                                                              >> 42nd for visitor arrivals
                                                                                                                                                                    China-Australia air services arrangements,
                                                                                                                                                                    which will pave the way to further

                                                  1992 to 2016.        2
                                                                                                              >> 11th for tourism receipts
                                                                                                                                                                    strengthen the bilateral relationship
                                                                                                                                                                    and provide boundless opportunities for
                                                                                                              >> 1st for spend per visitor8                         Australian tourism and trade.
                                                                                                                                                                 >> F or the year ending September 2016, direct
                                                                                                                                                                     capacity to Australia from China increased
                                                                                                                                                                     37 per cent. Recent new China-Australia
                                                                                                              Visitor Numbers                                        air routes include: Beijing Capital Airlines,
                                                                                                              Fifteen of Australia’s top 20 major source             Shenyang-Qingdao-Melbourne in
                                                                                                              markets grew to record levels in the year              September 2016; Hainan Airlines,
                                                                                                              ending September 2016, with increased                  Changsha-Melbourne and Xi’an-

                                                                                  ustralia has the 4th
                                                                                 A                            aviation capacity playing a role in the strong
                                                                                                              growth. Arrivals from South Korea increased
                                                                                                                                                                     Melbourne in November 2016; Air China,
                                                                                                                                                                     Chengdu-Sydney in November 2016;

                                                                                largest GDP in the            28 per cent and Japanese visitation grew 20
                                                                                                              per cent. Arrivals from China continued to
                                                                                                                                                                     China Eastern, Beijing-Hangzhou-Sydney,
                                                                                                                                                                     Kunming-Sydney in November 2016 and
                                                                                                                                                                     Shanghai-Brisbane in December 2016;and,
                                                                                Asia-Pacific region.          grow at a blistering pace, up 21 per cent over
                                                                                                              the same period. North America also recorded
                                                                                                                                                                     China Southern, Guangzhou-Adelaide in
                                                                                                                                                                     December 2016.
                                                                                                              healthy growth with arrivals from the USA up       >> S
                                                                                                                                                                     ingapore Airlines commenced four weekly
                                                                                The Australian economy is     18 per cent, and Canada up 2 per cent in the          Singapore-Canberra-Wellington return
                                                                                                              last 12 months.9                                      services on 20 September 2016. The new
                                                                                forecast to have average      >> A
                                                                                                                  verage annual growth for inbound                 ‘Capital Express’ service marks Canberra’s
                                                                                                                 arrivals is forecast at an average of              first international flights.
                                                                                annual real GDP growth of        5.6 per cent over the next decade to            >> E
                                                                                                                                                                     xpansion of air services between Middle
                                                                                                                                                                    East and Australia have opened up further
                                                                                2.9 per cent between 2017        2024-25.
                                                                                                                                                                    opportunities for carriers of both countries.
                                                                                                              >> V
                                                                                                                  isitor numbers from China are forecast
                                                                                and 20213                        to contribute to almost half (43 per cent)
                                                                                                                                                                    Qatar Airways has confirmed plans to start
                                                                                                                                                                    daily services from Doha-Sydney (March
                                                                                                                 of total growth over the forecast period to        2016) and Doha-Adelaide (May 2016).
                                                                                                                 2024-25. China is also set to become the
                                                                                                                                                                 >> A
                                                                                                                                                                     viation capacity from Japan has had a
                   Australia has a transparent                                                                 largest source market of both inbound              boost, with direct capacity to Australia

                  and stable operating
                                                                                                                 arrivals and expenditure by 2017-18,               from Japan increasing by 12 percent for
                                                                                                                 overtaking New Zealand.                            the year ending September 2016. Qantas

                  environment with a strong,                                                                  >> B
                                                                                                                  y 2024-25, about 67 per cent of growth
                                                                                                                 in inbound visitation will be driven by New
                                                                                                                                                                    began daily flights from Narita to Brisbane
                                                                                                                                                                    in August 2015, and commenced daily
                                                                                                                                                                    Tokyo-Melbourne flights in December
                  sophisticated and well-developed                                                              Zealand, China, the United Kingdom, the
                                                                                                                                                                    2016. Air Nippon Airways has also returned
                                                                                                                 United States and Singapore.10
                  financial services industry.                                                                                                                      to Australia, launching daily Haneda-
                                                                                                                                                                    Sydney service from December 2015. The
                                                                                                                                                                    airline has also announced that it will
                                                                                                                                                                    consider expanding to other destinations
                                                                                                                                                                    like Melbourne and Perth in the future.12
Heart2Reef, Great Barrier
        Australian TourismReef,
                           Open Queensland
                                 For Investment                                                                                                                           Australian Tourism Open For Investment 3
Australian Tourism Open for Investment - JANUARY 2017 - Austrade
“All the boxes are ticked from an investment perspective
                                                                                                                                                                                                                                                                                  with steady growth in returns, capital appreciation and

Overview and Outlook
                                                                                                                                                                                                                                                                                                                  safety of investments.”15
                                                                                                                                                                                                                                                                                                                                                              Akshay Kulkarni Director for Asia Pacific CBRE Hotels

Strong core fundamentals continue to underpin record capital inflows to the Australian hotel sector.                                             Australian Hotel Outlook                                                                                                                                                                             Record performance of the Australian
                                                                                                                                       75%                                                                                                                                                                                                     $200
                                                                                                                                                                                                                                                                                                                                                      accommodation sector
                                                                                                                                                                                                                                                                                                                                                      Deloitte Access Economics reported that Australian
Deloitte Access Economics’
                                                                                                                                       70%                                                                                                                                                                                                     $160
                                                                                                                                                                                                                                                                                                                                                      hotels have continued their positive run into the
                                                                                                                                                                                                                                                                                                                                                      2016 calendar year. Occupancies (OCC%) added half
Lachlan Smirl said “The gap                                                                                                            65%                                                                                                                                                                                                     $120
                                                                                                                                                                                                                                                                                                                                                      a percentage point to reach 68.7 per cent in June and
between supply and demand                                                                                                              60%                                                                                                                                                                                                     $80    Average Daily Rates (ADR) grew by 2 per cent to reach
                                                                                                                                                                                                                                                                                                                                                      $162 (excl. GST). These growth figures are just below
projections remains unbridged.                                                                                                         55%                                                                                                                                                                                                     $40    10 year averages.16
An improved demand outlook                                                                                                             50%                                                                                                                                                                                                     $0     Australia’s major hotel markets are expected
sees demand set to grow at                                                                                                                                                                                                                                                                                                                            to continue to outperform with Jones Lang

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                                                                                                                                                                                                                                                                                                                                                      LaSalle reporting that Investors’ hotel operating
twice the pace of supply over                                                                                                                              Room Occ% trend (LHS)                                                    Room Rate trend (RHS)                                                  RevPAR trend (RHS)
                                                                                                                                                                                                                                                                                                                                                      performance expectations for Sydney and
the period to end-2018 and                                                                                                                                                            Source: Deloitte Access Economics based on: ABS Small Area
                                                                                                                                                                                                                                                                                                                                                      Melbourne are amongst the highest in Asia Pacific
                                                                                                                                                                                                                                                                                                                                                      for the short and medium term.17
occupancies are projected to                                                                                                                                                      Accommodation data and STR Global. Rates are exclusive of GST.

climb two percentage points to                                                                                                         Revenue Per Available Room (RevPAR) YTD November 2015 vs November 2016 (A$)
                                                                                                                                                                                                                                                                                                                                                      RevPAR on the rise
72% by 2018.”13                                                                                                                        200

                                                                                                                                                                                                                                                                                                                                                      Both capital city and leisure accommodation
                                                     Source: Colliers International
                                                                                                                                                                                                                                                                                                                                                      markets have seen high occupancies for the year
Colliers reported Australia’s hotel sales activity                                                                                     150                                                                                                                                                                                                            to date November 2016. Sydney, Melbourne, Cairns
for 2016 (at end October) had exceeded A$2.2         Leisure destinations on the rise                                                                                                                                                                                                                                                                 and Hobart had results of over 80 per cent.
billion. Although down from the 2015 record of       Reduced opportunities in capital city markets and strong
A$3.8 billion, there are a number of deals in the                                                                                      100                                                                                                                                                                                                            This demand, driven by strong market
                                                     visitor growth in regional areas are seeing Australia’s
pipeline which will suggest 2016 will match 2014                                                                                                                                                                                                                                                                                                      fundamentals, has significantly improved the hotel
                                                     leisure destinations feature prominently as a market
levels at around A$2.6 billion. Last year was also                                                                                                                                                                                                                                                                                                    sector’s Revenue Per Available Room (RevPAR) in
                                                     entry option for investors.
another strong year for transaction activity, with
                                                                                                                                        50
                                                                                                                                                                                                                                                                                                                                                      recent years and is expected to continue to rise,
interest from sovereign wealth funds and global      Research from CBRE in August 2016 confirms this shift                                                                                                                                                                                                                                            with a projected growth of 4.8 per cent per year
institutional investors.14                           towards regional assets: 43 per cent of the 37 deals done in                                                                                                                                                                                                                                     to December 2018 – a pace slightly faster than
                                                                                                                                         0

                                                     2016 were in regional areas, in terms of value this represents                                                                                                                                                                                                                                   historically observed.18

                                                                                                                                                  Sydney

                                                                                                                                                                  Melbourne

                                                                                                                                                                                       Perth

                                                                                                                                                                                                                                           Canberra & ACT

                                                                                                                                                                                                                                                                      Adelaide

                                                                                                                                                                                                                                                                                        Cairns

                                                                                                                                                                                                                                                                                                           Brisbane

                                                                                                                                                                                                                                                                                                                            Darwin
                                                                                                                                                                                                     Hobart

                                                                                                                                                                                                                       Gold Coast
                                                     31 per cent of the $1.3 billion spent so far this year.

                                                     Cairns and the Gold Coast have seen much of the                                                                                                               2015                   2016

                                                     action, with the Tradewinds Cairns, the Novotel Cairns,
                                                     Surfers Paradise Marriott and Vibe Surfers Paradise all                                                                                                                                                                                                    Source: STR Global
                                                     transacting so far in 2016.

                                                     It is a compelling value proposition, benign supply
                                                     outlook and the strong tourist volumes, prompting both                            Where the growth will come from
                                                                                                                                                                                                                                                                                                                                                      Where the growth will come from
                                                     local and overseas players to secure assets in these iconic
                                                                                                                                       12000                                                                                                                                                                                                          Demand from Asia will play a key role in achieving
                                                     leisure destinations.
                                                                                                                                                                                                                                                                                                                                                      the growth in international visitation to Australia.
                                                                                                                                       10000
                                                                                                                                                                                                                                                                                                                                                      Asia is the fastest growing tourism market in the
                                                                                                                                        8000                                                                                                                                                                                                          world. It is driven by strong economic growth, a
                                                                                                                                                                                                                                                                                                                                                      growing urban and affluent middle class and the
                                                                                                                                        6000                                                                                                                                                                                                          fastest growing aviation sector in the world.
                                                                                                                                        4000                                                                                                                                                                                                          Asian markets are expected to continue driving
                                                                                                                                                                                                                                                                                                                                                      growth in the next few years led by China (up 18.5
                                                                                                                                        2000
                                                                                                                                                                                                                                                                                                                                                      per cent in 2016–17 and 13.3 per cent in 2017–
                                                                                                                                             0                                                                                                                                                                                                        18) and India (up 9.4 per cent and 9.7 per cent,
                                                                                                                                                                                                                                                                                                                                                      respectively). In terms of visitor numbers, China is
                                                                                                                                                  9

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                                                                                                                                                                                                                       20

                                                                                                                                                                                                                                        20

                                                                                                                                                                                                                                                            20

                                                                                                                                                                                                                                                                  20

                                                                                                                                                                                                                                                                                  20

                                                                                                                                                                                                                                                                                                 20

                                                                                                                                                                                                                                                                                                       20

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                                                                                                                                                                                                                                                                                                                                                      expected to contribute 43 per cent of total growth
                                                                                                                                                                   China                  Rest of Asia             NZ                  North America                                  UK/Europe                       Others
                                                                                                                                                                                                                                                                                                                                                      from 2014–15 to 2024–25 and 60 per cent in
                                                                                                                                                                                                                                                                                                                                                      terms of expenditure.19
                                                                                                                                                                                                                                                                  Source: Tourism Research Australia

                                                                                         Twelve Apostles, Great Ocean Road, Victoria                                                                                                                                                                                                                                 Australian Tourism Open For Investment 5
Australian Tourism Open for Investment - JANUARY 2017 - Austrade
Snapshot Of Investment                                                                                                                                                            Recent News & Developments
    opportunities
    Our investment specialists can talk to you about a range of investment-ready                                                                                                         ICC Sydney open and ready                       In the first nine months of 2016 there
                                                                                                                                                                                                                                         has been about $1.7 billion of hotel
    and proposed projects across Australia, including:                                                                                                                                   for business                                    transactions. High occupancy rates, a
                                                                                                                                                                                         The jewel in the crown of the $3.4 billion      benign supply outlook and increased air
                                                                                                                                                                                         transformation of Darling Harbour, the          capacity from new markets like China and
    The Bays Precinct, Sydney NSW                                                               Gold Coast Theme Park Resort and                                                         $1.5 billion International Convention           India characterise a positive outlook.
                                                                                                Hotel Development                                                                        Centre (ICC) Sydney, was opened to the
    Located in Sydney’s inner harbour, just two                                                                                                                                                                                          In addition, the growth in white collar
                                                                                               This is a rare opportunity to invest, on a                                                public by NSW Premier Mike Baird in
    kilometres west of Sydney’s central business                                                                                                                                                                                         worker numbers within our CBDs is
                                                                                               fund-through basis, in the proposed Village                                               December 2016.
    district, The Bays Precinct represents a huge                                                                                                                                                                                        fuelling office growth and therefore
    potential transformation opportunity in                                                    Roadshow Resort & Hotel at the Warner Bros.                                               “The ICC Sydney sets a new standard for         strong corporate demand for hotels.21
    Australia. The area includes 80 hectares                                                   Movie World theme park on the Gold Coast.                                                 convention and exhibition venues,”
    (200 acres) of government owned land,
                                                                                               Due for completion in 2019, this contemporary
                                                                                                                                                                                         Mr Baird said.                                  Hamilton Island record
    surrounding three bays within Sydney Harbour.
    It encompasses the Sydney Fish Market and
                                                                                               designed four star resort will offer 400 guest                                            “The mega space will employ 300                 performance
                                                                                               rooms and suites along with a restaurant,                                                 full-time staff and 1500 casual workers,
    disused White Bay Power Station. It will be                                                                                                                                          and is expected to pump at least                Queensland resort Hamilton Island
                                                                                               cafe and bar, multipurpose function facilities,
    similar in significance to projects such as the                                                                                                                                      $5 billion into the NSW economy over the        announced that it has achieved its highest
                                                                                               business centre, kids club, gymnasium, and
    Battersea Power Station (UK), the Kings Cross                                                                                                                                        next 25 years.”                                 hotel occupancy levels on record of 93.2%,
                                                                                               extensive pool area.
    Station regeneration project (UK), the Toronto                                                                                                                                                                                       representing an 8% increase on 2015.
                                                                                               The Hotel is set to capitalise on the five million                                        International Convention Centre Sydney
    Waterfront and Hudson Yards projects in North
                                                                                                                                                                                         (ICC Sydney), sits at the heart of a broader    The Island also reported a 15% increase
    America. More information can be found at                                                  visitors a year currently visiting the property.
                                                                                                                                                                                         revitalisation of Darling Harbour that will     in annual room revenue on the back of
    www.transformingthebays.com.au
                                                                                                                                                                                         also include a new 590-room hotel,              room nights sold, which were up by 11%
                                                                                                                                                                                                                                                                                       “There are three
                                                                                                                                                                                         a new urban neighbourhood with offices,         on 2015.
    Great Keppel Island Resort                                                                     Key Considerations
                                                                                                                                                                                         residential, student housing, public car                                                      characteristics of
                                                                                                                                                                                                                                         Hamilton Island CEO Glenn Bourke
    This fully integrated resort and villa                                                                                                                                               parking, cafes and shops.20
                                                                                                                                                                                                                                         stated “Hamilton Island’s results have
                                                                                                                                                                                                                                                                                       Australia that make
                                                                                                   Record performance of Australia’s
    development is located on the iconic Great
                                                                                                   accommodation sector                                                                  Stars align for the                             been underpinned by three things:             investing here
    Keppel Island, which is nestled within the
    world-renowned Great Barrier Reef. Boasting                                                                                                                                          hotels sector
                                                                                                                                                                                                                                         the multi-million dollar reinvestment         attractive: being the
                                                                                                   Overseas investors are already                                                                                                        strategy to keep the Island’s offering
    17 pristine white sandy beaches and
                                                                                                                                                                                         Australia’s hotel market, particularly in the   updated and fresh; the lower Australian
                                                                                                                                                                                                                                                                                       stable economy,
                                                                                                   highly active in the Australian
    surrounded by stunning coral reefs, the Island
                                                                                                   market                                                                                global cities of Sydney and Melbourne, is       dollar; and healthy competition among         strong underlying
    presents a rare and unique opportunity to
    create an integrated development like no other
                                                                                                                                                                                         experiencing an unprecedented alignment         Australian’s airlines, bringing more guests   fundamentals of the
                                                                                                    trong visitor growth from Asia
                                                                                                   S                                                                                     of positive fundamental indicators,             to the Island.22
    in the world. This unrivalled location includes                                                                                                                                      representing some of the best conditions                                                      hotel industry and
                                                                                                   which is forecast to continue 
    the largest development approval ever to be
                                                                                                   to increase
                                                                                                                                                                                         in the Asia Pacific region.                                                                   the low dollar, which
    issued in the Great Barrier Reef.
                                                                                                                                                                                                                                                                                       attracts overseas
                                                                                                    ustralia has one of the 
                                                                                                   A                                                                                                                                                                                   visitors.”23
                                                                                                   world’s most transparent real                                                                                                                                                       Dillip Rajakarier, Chief Executive,
                                                                                                   estate markets                                                                                                                                                                      Minor Hotel Group

                                                                                                   Demand for accommodation
                                                                                                   is forecast to grow at twice the
                                                                                                   pace of supply

   1. Austrade, Benchmark Report 2017                                                        15. B loomberg, Starwood Capital, Fosun said to consider offers for Ascendas,
   2. Austrade, Benchmark Report 2017                                                            29 January 2016
   3. Austrade, Benchmark Report 2017                                                        16. D eloitte Access Economics, Tourism and Hotel Market Outlook – The Changing
   4. A ustralian Financial Review, International money pouring into Australian hotel
                                                                                                 Face of Travel, August 2016
       funds, says Ron Barrott, 29 April 2015
                                                                                             17. J ones Lang LaSalle, Hotel Investment Survey, December 2016
   5. Tourism Research Australia, 2016 (International Visitor Survey and National Visitor
      Survey September 2016 Quarter, Tourism Satellite Account 2015-16)                      18. D eloitte Access Economics, Tourism and Hotel Market Outlook – The Changing
   6. A ustralian Bureau of Statistics, Overseas Arrivals and Departures October 2016           Face of Travel, August 2016
   7. Tourism Research Australia, Tourism Satellite Account 2015-16                          19. Tourism Research Australia, Tourism Forecasts 2016
   8. United National World Tourism Organisation, Tourism Highlights 2016                    20. D estination New South Wales, ICC Sydney open and ready for business,
   9. Tourism Australia, International Market Update, December 2016                               12 December 2016
   10. Tourism Research Australia, Tourism Forecasts 2016
                                                                                             21. Sydney Morning Herald, Stars align for the hotels sector, 23 September 2016
   11. Tourism Australia, International Market Update, December 2016
                                                                                             22. A ustralian Leisure Management, Hamilton Island shows record high
   12. Tourism Australia, International Market Update, December 2016
   13. D  eloitte Access Economics, Tourism and Hotel Market Outlook – The Changing             performance, 14 August 2016
         Face of Travel, August 2016                                                         23. S ydney Morning Herald, Hotel sector hits new highs as Australia accommodates
   14. Colliers Australia, Hotels 2016                                                           visitor demand, 31 July 2015

6 Australian Tourism Open For Investment
                                                                                                                                                                                  Wineglass Bay and The Hazards, Freycinet National Park, Tasmania
Australian Tourism Open for Investment - JANUARY 2017 - Austrade
A NATIONAL PRIORITY
   Tourism Australia and the Australian Trade and Investment Commission
   (Austrade) have joined forces in a strategic partnership to attract foreign
   direct investment to the tourism industry in Australia.

   The tourism investment attraction                  The partnership was formed in response to
   partnership is a commitment to making              the national long-term tourism strategy,
   the process of investment easier - removing        Tourism 2020, whereby the Australian and
   barriers and making information and insight        state and territory governments are working
   on Australian tourism opportunities more           with industry to double overnight visitor
   readily available to interested investors.         expenditure to between A$115 billion
                                                      and A$140 billion by 2020.

   HOW WE CAN HELP
   To find out more information about tourism investment opportunities in Australia and
   how the Australian Government can assist, contact your local representative by visiting
   our website:

   www.tourisminvestment.com.au

To contact your local Austrade representative for more information, visit: www.tourisminvestment.com.au

Disclaimer: This document includes information provided by third parties. The information is general in
nature and is for information purposes only. Austrade and Tourism Australia makes no representation
about the veracity or accuracy of information provided by third parties. You must rely on your own due
diligence before proceeding. You should consider seeking independent professional advice.

Cover Image: Stokes Bay, Kangaroo Island, South Australia
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