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Australia Hotel Market Outlook Q2 2011
 

Australia Hotel Market Outlook Q2 2011

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The updated economic outlook by Deloitte...

The updated economic outlook by Deloitte
Access Economics predicts a softer economic
environment, resulting in downward revisions in
our forecasts for 2011 for both occupancy and
room rates. We also present a first look at our
projections for year-end 2012.

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    Australia Hotel Market Outlook Q2 2011 Australia Hotel Market Outlook Q2 2011 Document Transcript

    • Q2 2011Australian HotelMarket Outlook
    • The Australian economy In early February 2011 Deloitte launched While Australians watched horrified as floods and Hotel Market Outlook: 2010 in review; 2011 cyclones hit at home and earthquakes and tsunamis and beyond, predicting year-end results for 2010 caused tragedies abroad, world prices for the industrial some three months before the Australian Bureau and farm commodities we have in abundance surged of Statistics released its official data. We did past the peaks they hit back in mid-2008. That this by applying an econometric model, utilising means the world is begging Australia to grow faster, historic ABS data, combined with the latest throwing enormous sums of money at our export information from STR Global as well as economic sector, and expanding our national income fast. forecasts by Deloitte Access Economics. Yet, despite that, the pace of Australia’s recovery has We are pleased to note that our forecasts were stalled of late. In part that reflects some ‘two speed highly accurate, within a 0.2% occupancy economy’ negatives: a resource boom brings with it and 0.5% average room rate margin in almost higher interest and exchange rates, and that mix is all markets. weighing heavily on some sectors. At the same time it is hard for the key growth positives to gain traction The updated economic outlook by Deloitte – mining and engineering construction want to grow Access Economics predicts a softer economic very fast, but their expansion is being dogged by slow environment, resulting in downward revisions in bureaucratic and corporate approval processes as well our forecasts for 2011 for both occupancy and as by skill shortages. room rates. We also present a first look at our projections for year-end 2012. The latter may become acute over the next two years, because Australia’s growth prospects rest on a very Subscribe to Deloitte Access Economics narrow base of sectors, occupations and States, publications online. and because policy moves are making it harder to migrate here. The list of good news sectors is small, whereas the bad The global economy news list is long. Most manufacturers are being very The key question for global growth was always just hard hit by the marauding $A and the same currency how big a letdown the passing of stimulus would questions are also bedevilling foreign student numbers prove. The early news is excellent – talk of a double dip and the tourism sector. in the rich world has all but disappeared, albeit partly because emerging economy policymakers (spooked by Consumers are cautious: savings is the new black the revolutions which swept through the Arab world) as Gen Y realises they haven’t saved nearly enough continue to move far too slowly to rein in their still for their burgeoning family responsibilities, while all galloping growth. generations are feeling the sting of higher interest rates, keeping Australia’s retailers on the back foot. That has extended the stay of industrial commodity prices in the stratosphere. The latter have hit record Even the public sector looks set to slow as stimulus highs and have now been joined there by food measures run their course. prices as well. With emerging economies seeing their growth ease slightly and the developed world seeing Although it’ll be a close run thing, we expect the its growth strengthen, 2011 and 2012 should see Reserve Bank will have to push up rates over the above trend global growth even though both families next year (keeping the $A strong) even though many and governments want to save more than they have businesses and families are doing it tough. been doing.2
    • Hotel Market Outlook Q2/2011 Economic Impacts for the Tourism, Hospitality and Leisure sector The longer the Australian dollar remains close to parity with its US cousin, the harder it will be for tourism and international education, two key sectors which dominate our service export earnings, to make their sales. Both are on the wrong side of Australia’s two speed economy, with higher exchange rates combining with changed migration rules and a sharp competitive push from US colleges to generate depressingly large falls in enrolments in key parts of Australia’s international education sector. At the same time, although numbers The combination of a sharp drop in international of inbound tourists lifted in recent months, it is hard to students as a result of the loosened link between see visitor numbers sprinting any time soon, or perhaps studying here and obtaining permanent residency, any time that the $A is above US$ parity. and increasing labour cost as the unemployment rate continues to move down, has dire consequences for Retail spend is directly related to spending in the seasonal businesses that are heavily dependent on domestic leisure segment. Unfortunately, recent years casual workers. Not only will labour cost go up, it is saw capital gains from homes and shares falter, and also likely to bring often already poor service standards the global financial crisis led families to reassess the further down. sustainability of their saving habits. The good news is that the worst of the retail downturn is almost over. The tourism, hospitality and leisure sector is thus on the 2011 won’t be a great year for retail, but the swing to back foot amid a climate of high interest and exchange saving that has already occurred has sown the seeds rates on the one hand and the national ‘swing to of better times ahead, because families have already saving’ on the other. That combination has produced broken the back of what they were trying to do – a less-than-favourable business backdrop, with more get back to sustainable rates of saving. As income levels Australians heading to Bali instead of Broome and continue to grow at comfortable enough rates, greater Disneyland instead of Dreamworld and stagnant retail strength should be more evident by the end of numbers of tourists arriving here. 2011, maturing into more solid recovery in 2012. Some of the earlier strength in cafés and restaurants Activity levels in the corporate sector are strengthening has faded more recently, and whilst the business trade as national income leverages the resources boom, is seeing some positives, that lift in business profits is meaning that the local market for mergers and narrowly based and it isn’t driving long liquored-up acquisitions is more active than most. That is lunches on the corporate credit card. Given that the generating good demand for professional services. currency has been continuing to edge upwards of late, However, this is a bellwether sector, and it too is feeling there is probably some bad news still in the pipeline for the ‘two speed’ strains evident in the wider Australian this sector. However, it won’t last forever. In particular, economy. Demand for professional services from some the $A may start to lose some altitude as interest sectors and some States remains patchy. rates go up in the rest of the world – though not too much altitude. Ironically, whilst everything seems to work against the resort and leisure sector, our corporate hubs areNot only will labour cost go up, blessed with an absence of any notable additions to the supply of hotel accommodation for more than a decadeit is also likely to bring often now, resulting in unprecedented room occupancy levels. This opens the door wide for hoteliers to drivealready poor service standards room rate, hard. The ‘two-speed economy’ thus applies to the tourism, hospitality and leisure sectorfurther down. as well, and this seems unlikely to change for the foreseeable future. 3
    • Australia Australia: Occupancy, Rate and RevPAR Trends Sydney surpassed pre-GFC occupancy levels by mid- 70.0% $200 2010 and has now also recovered RevPAR in full. The 68.0% $180 outlook for Sydney for 2011 is extremely encouraging, 66.0% $160 primarily based on continued occupancy growth. 64.0% $140 Occupancy for the city is modelled to grow another 1% 62.0% $120 60.0% $100 to 86.4%, with average room rates forecast to rise by 58.0% $80 11% to $195, resulting in a RevPAR increase of 12% to 56.0% $60 around $168. 54.0% $40 Even with the expected opening of the Meriton 52.0% $20 50.0% $0 Apartments in Haymarket and the extension of Star City Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Room Occ% Room Rate Trend RevPAR Trend Casino late in 2011, the forecast for 2012 anticipates further occupancy growth to 87% and another 14% Data from the Australian Bureau of Statistics (ABS) growth in room rates to $222. RevPAR should thus showed a country-wide RevPAR increase of 5.4% to increase by 14.5% to $193. $88.67 for YE 2010, very close to our forecast of $89.10. Room occupancy grew by 1.7% to 63.7%, Melbourne Melbourne: Occupancy, Rate and RevPAR Trends and average room rates for 2010 grew by 2.6% 90.0% $325 to $139.16. 88.0% $300 86.0% $275 84.0% $250 We have softened our outlook for 2011 somewhat, 82.0% $225 based on a more reserved growth trend for the main 80.0% $200 78.0% $175 cities and continued uncertainty for leisure destinations. 76.0% $150 Overall room occupancy is now forecasted to remain 74.0% $125 72.0% $100 relatively constant, showing a marginal decrease of 70.0% $75 0.2% to 63.5%. Average room rates should grow by 68.0% $50 5.2% to $146 with RevPAR estimated to increase by 66.0% $25 Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 $4.35 (4.9%) to $93. Room Occ% Room Rate Trend RevPAR Trend Looking ahead to 2012, our model predicts a marginal RevPAR in Melbourne increased by 5.0% to $138.46 in increase in occupancy by 0.5% to 64.0%. In the 2010. Room occupancy exactly matched our forecast at absence of supply growth, average room rates are set 79.8% with growth of 2.5%, while the average room to increase further by $9.58 (6.5%) to $156, increasing rates of $173.44 came very close to our forecasted RevPAR by $6.75 (7.3%) to $100. growth of 1.6% to $173.14. Sydney Sydney: Occupancy, Rate and RevPAR Trends The outlook for 2011 is positive with no new supply on 90.0% $325 the horizon and occupancies expected to increase a 88.0% $300 further 2% to 81.7%. RevPAR is forecasted to increase 86.0% $275 84.0% $250 by 8.6% to $150 fuelled by growth in average room 82.0% $225 rates of 6.1% to $184 which is some $7 lower than our 80.0% $200 previous projection as hoteliers are proving to be less aggressive than expected in raising room rates. 78.0% $175 76.0% $150 74.0% $125 72.0% $100 Looking forward to 2012, a little room occupancy 70.0% $75 growth is left to reach 83%, with average room rates 68.0% $50 set for double-digit growth of 11% to $204, increasing Mar-90 Mar-91 Mar-92 Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-90 Sep-91 Sep-92 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Room Occ% Room Rate Trend RevPAR Trend RevPAR by 12.5% to $169. New supply additions are not expected until 2014. Sydney hotels recorded the strongest performance in the country recording RevPAR growth of 10.8% to $150.25 for YE 2010. Our occupancy forecast matched the year-end result of 85.5%, with average room rates growing by only 4.0% to $175.70 despite record occupancies.4
    • Hotel Market Outlook Q2/2011 BrisbaneBrisbane: Occupancy, Rate and RevPAR Trends The outlook for YE 2011 is good, however, with the 86.0% $250 city forecasted to achieve the strongest growth rates 83.5% $225 in the country, with no new supply expected to enter the market in the next three years. Room occupancy 81.0% $200 78.5% $175 76.0% $150 is predicted to increase by 3% to reach 85.6% with 73.5% $125 11% rate growth to $174 and RevPAR growing by 16% 71.0% $100 to $149. 68.5% $75 66.0% $50 This growth trend is expected to continue in 2012, with forecasted average room rates and RevPAR exceeding 63.5% $25 61.0% $0 Melbourne and Brisbane. Occupancies may reach 88%, Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Room Occ% Room Rate Trend RevPAR Trend surpassing Sydney’s projected occupancy for YE 2012. Average room rates may grow by close to 20% again to Brisbane hotels recorded strong RevPAR growth of $206, with RevPAR growth of 23.1% to $183. 9.7% to $126.27 for YE 2010, which is close to the modelled forecast of $126.75. Forecasted occupanciesAdelaide: Occupancy, Rate and RevPAR Trends Adelaide exactly matched actual results from ABS, with 4.1% 80.0% $250 growth to 78.8%. Average room rates grew by 3.9% 77.5% $225 to $160.14. 75.0% $200 72.5% $175 70.0% $150 The outlook for Brisbane remains strong. The city 67.5% $125 is expected to see an increase in supply by late 65.0% $100 2011 and in 2012 with the opening of the second 62.5% $75 Emporium, as well as a Novotel on Elizabeth Street. 60.0% $50 Room occupancy will continue to increase however, 57.5% $25 55.0% $0 as demand growth still outstrips supply growth. Our Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 forecast for 2011 and 2012 is for occupancies of 80%, Room Occ% Room Rate Trend RevPAR Trend down by 2% from our previous prediction. Average room rates are expected to increase by 7% in 2011 and Hoteliers in Adelaide achieved a commendable 10% in 2012 to $172 and $189 respectively. RevPAR is occupancy level of 76.6% in 2010, on par with our thus expected to increase by 8.5% in 2011 to $137 and forecast. Room rate growth however was only 1.4% by 11% in 2012 to reach $152. to reach $141.84, falling $1 short of our projected rate. RevPAR for 2010 was $108.64. PerthPerth: Occupancy, Rate and RevPAR Trends 92.5% $325 Unlike other cities in Australia, Adelaide’s outlook shows a negative trend for the city, based on a soft 90.0% $300 87.5% $275 85.0% $250 economic outlook. Occupancy is projected to decline to 82.5% $225 80.0% $200 pre-GF C levels of around 74% with only marginal rate 77.5% $175 increases of 1.5% to $144. With the projected decrease 75.0% $150 72.5% $125 in occupancy and the minimal growth in average room 70.0% $100 rates, RevPAR is forecasted to decline by 3% to $106, 67.5% $75 65.0% $50 the lowest of Australia’s State capital cities. 62.5% $25 60.0% $0 Looking forward to 2012, room occupancy is expected Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Room Occ% Room Rate Trend RevPAR Trend to decline by a further 1% to 73%, with average room rates projected to increase by just 2.5%, improving Perth hotels achieved record room occupancies before RevPAR by just over $1 to $107. the GFC and remained above 80% throughout. Despite this, room rates dropped by 3% in 2009 and recovered by only 1.1% in 2010 to achieve 82.3% by year-end. Room rate growth of 20% and more before the GFC stagnated throughout 2009 and recorded only 2% growth in 2010, closing at $157 for the year, about $1 shy of our forecast. 5
    • Canberra Canberra: Occupancy, Rate and RevPAR Trends Darwin’s outlook is positive however with no further 80.0% $250 supply additions expected. Room occupancy growth 77.5% $225 is forecasted to improve by 1.5% to 72% in 2011 with renewed growth in average room rates by 5% to $148. 75.0% $200 72.5% $175 70.0% $150 RevPAR is expected to increase by 7.5% to $99. 67.5% $125 65.0% $100 Further ahead, occupancy in 2012 should increase by a 62.5% $75 further 1% to 73%, with average room rates increasing 60.0% $50 7% to $159 resulting in RevPAR growth of 8% to $116. 57.5% $25 55.0% $0 Gold Coast Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Gold Coast: Occupancy, Rate and RevPAR Trends Room Occ% Room Rate Trend RevPAR Trend 77.5% $250 75.0% $225 Canberra hotels’ RevPAR growth exceeded Sydney for 72.5% $200 70.0% $175 YE 2010, with 11.3% growth to $114.50, matching the 67.5% $150 modelled forecast rate. Occupancy also grew stronger 65.0% $125 than Sydney, with 5.4% growth to 75.9% whilst 62.5% $100 average room rates grew 3.4% to $150.95. 60.0% $75 57.5% $50 Canberra’s outlook for 2011 was for a weaker year, and 55.0% $25 52.5% $0 this has been revised further down. Occupancy is now Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 forecasted to decline by 2.5% to 73.5%, as several Room Occ% Room Rate Trend RevPAR Trend high-profile exhibits and events last year are not repeated this year. Average room rates are predicted to The resort market on the Gold Coast was predicted to increase by 3.5% to $156 with RevPAR growing by only be slow and actually performed below those 0.3% to $115. expectations. RevPAR improved by 2.4% to $90.13, against a prediction for $91.34. This was caused by In 2012 occupancy is forecast to decrease a further 1% occupancy only growing 1.8% to 68.2%, whilst to 72.5%. However, in the expectation that hoteliers average room rates decreased 0.3% to $132.13 due to will push through a much needed rate hike, average continued discounting. room rates are predicted to rise by 8% to $169 causing RevPAR to increase by almost 7% to $123. The outlook for the Gold Coast is uncertain. As Stage II of the new Hilton enters the market, overall room Darwin Darwin: Occupancy, Rate and RevPAR Trends occupancy is expected to drop by 1.5% to 66.5%. 85.0% $210 As this property will hopefully trade above prevailing 82.5% $195 80.0% $180 average room rates, market-wide average room rates 77.5% 75.0% $165 $150 are predicted to increase for the first time in three 72.5% $135 years, with growth expected at 2% to around $135. 70.0% $120 67.5% $105 RevPAR should hold at $90. 65.0% $90 62.5% $75 60.0% $60 Looking forward to YE 2012, occupancy will hopefully improve to around 68%, with average room rates 57.5% $45 55.0% $30 52.5% $15 increasing further to $140, resulting in RevPAR 50.0% $0 projected to increase by 6% to $95. Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Room Occ% Room Rate Trend RevPAR Trend RevPAR in Darwin grew 2.4% to $99.38 in 2010. Occupancy growth remained positive on the back of a decline in the previous year, with growth of 2.3% to 70.6%. Average room rates decreased marginally by 0.9% to $140.83 influenced by additions to supply in the previous year.6
    • Hotel Market Outlook Q2/2011 Tropical North QueenslandTNQ: Occupancy, Rate and RevPAR Trends 75.0% $210 Your industry, our expertise 72.5% $195 Our dedicated practice provides a wide range 70.0% $180 67.5% $165 of services to financiers, property owners, investment fund managers, private investors, 65.0% $150 62.5% $135 60.0% $120 developers, operators, and associated 57.5% $105 55.0% $90 stakeholders, including architects, government departments, professional and business lobby 52.5% $75 50.0% $60 47.5% $45 groups, and tourism intermediaries. 45.0% $30 42.5% $15 40.0% $0 We act on assignments across the hospitality Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Room Occ% Room Rate Trend RevPAR Trend sector including: • Hotels, resorts, serviced apartments and Tropical North Queensland (TNQ) hotels’ performance integrated developments was impacted by the devastating natural disasters that • Aviation and transport affected the region in late 2010. The continuing rise of the Australian dollar and global economic uncertainty is • Tourism also hitting TNQ hard. RevPAR in 2010 fell 2.2% to • Betting and gaming $64.83 in YE 2010, against a forecast of only 0.7% • Entertainment decline. Occupancy decreased by 0.5% to 54.5%, • Pubs and clubs with average room rates declining by 1.3% to $119. • Food and catering organisations. TNQ’s outlook for 2011 remains grim and was revised further downwards, with occupancies expected to We offer a full range of services to address decrease by a further 1.5% to 53%, and average room key industry issues associated with economic rates reducing by 2% to $117 as hoteliers continue conditions, regulatory change, competition, discounting in an attempt to sell rooms. A lower emerging market sectors, technological RevPAR will follow, with a forecasted decrease of 4% advancements, mergers and acquisitions, to $62. and changing needs of investors. These include specialist services focused on: Hopefully a reversal in the A$ exchange rate will see • Administration and recovery some growth in 2012, with a predicted increase in • Human capital occupancy of 1% to 54%, and average room rates • Financing growing by 1% to $118. This should see RevPAR improve by 3.5% to $64. • Market and asset due diligence • Pricing and distribution • Market development Deloitte is recognised as one of the leading • Branding and online products global advisors to the Tourism, Hospitality and Leisure (THL) industry, with a practice of • Sustainability. more than 2000 professionals. In Australia, our multidisciplinary group of industry Your business, our team experts have a deep knowledge of the market The THL team is led by industry veterans Rutger issues and business challenges faced within Smits and Ron de Wit, whose long-standing the THL industry, both domestically and consulting experience and practical industry internationally. knowledge provide a powerful combination when supported by Deloitte’s team of technical experts. With specialists in all geographies and across all competencies, we quickly mobilise teams to support our clients’ needs. 7
    • Contact usFor further information on how we can support your business needs, please contact:Australia South Australia Audit & Assurance Deloitte Access EconomicsRutger Smits Alyson Trottman Stephen Holdstock Ric Simes+61 (0) 2 9322 5455 +61 (0) 8 8407 7259 +61 (0) 2 9322 7299 +61 (0) 2 9322 7772rsmits@deloitte.com.au atrottman@deloitte.com.au sholdstock@deloitte.com.au rsimes@deloitte.com.auNew South Wales Victoria Consulting Deloitte PrivateRon de Wit Andrew Bethune Steve Hussenet Weng Ching+61 (0) 2 9322 5458 +61 (0) 3 9671 7968 +61 (0) 8 8407 7629 +61 (0) 2 9322 3513rdewit@deloitte.com.au abethune@deloitte.com.au shussenet@deloitte.com.au wengching@deloitte.com.au Northern Territory Western Australia Corporate Finance TaxMark Rowberry Gary Doran Andrew Jones Max Persson+61 (0) 8 8980 6225 +61 (0) 8 9365 7080 +61 (0) 2 9322 5917 +61 (0) 2 9322 7538mrowberry@deloitte.com.au gdoran@deloitte.com.au andrjones@deloitte.com.au mpersson@deloitte.com.au     Queensland Corporate Reorganisation SustainabilityMartin Leech John Greig Shauna Coffey+61 (0) 7 3308 7245 +61 (0) 7 3308 7108 +61 (0) 2 9322 3504mleech@deloitte.com.au jgreig@deloitte.com.au shacoffey@deloitte.com.au    www.deloitte.com.auThis publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities(collectively the “Deloitte Network”) is, by means of this publication, rendering professional advice or services.Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professionaladviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of memberfirms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legalstructure of Deloitte Touche Tohmatsu Limited and its member firms.Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With aglobally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertiseto help clients succeed wherever they operate. Deloitte’s approximately 170,000 professionals are committed to becoming the standard ofexcellence.About Deloitte AustraliaIn Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional servicesfirms, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 5,400people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resourcesprograms, we are dedicated to helping our clients and our people excel. For more information, please visit Deloitte’s web site atwww.deloitte.com.au.Liability limited by a scheme approved under Professional Standards Legislation.Member of Deloitte Touche Tohmatsu Limited© 2011 Deloitte Touche Tohmatsu.AM_Syd_05/11_044530