Resilience of Gold Coast hotels recognized in market update
The resilience of the Gold Coast hotel market was a major talking point during the Southeast Queensland Economic and Hotel Market Update held last week.
Over 100 hospitality industry leaders gathered for the Gold Coast event, organized by the Accommodation Association (AA), in conjunction with Tourism Accommodation Australia (TAA) and the Queensland Hotels Association.
TAA CEO Michael Johnson pointed to STR reports that Gold Coast hotels outperformed the same 28 days in 2019 by 47% in revenue per available room.
“Data from STR’s Paul Hammond showed how resilient the Gold Coast has been over the past two years with initial support from the local Brisbane market and then interstate markets after borders reopened across the country,” Johnson said.
General Managers and Heads of Department attended the Market Update, which provided an opportunity to discuss the impact and recovery of COVID.
Johnson highlighted BDO’s outlook and an industry roundtable as highlights.
“BDO’s Rob Hoffman’s economic outlook was very insightful, including how the current inflation rate of 5.1% and rising mortgage rates will adversely affect consumer spending,” Johnson said.
The proposed merger of AA and TAA was also discussed at the event, following the second national council meeting held the day before.
AA CEO Richard Munro said the merger process was on track.
“We have effective pre-election commitments from the Labor government in support of the AA center for training and education needs and a real sense of optimism for our sector,” Munro said.
“The theme of the event held in the marquee of The Star was clear, that the accommodation industry has been hit hard, is bouncing back and is a fun industry to work in.”