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The Parramatta hotel market has recorded strong revenue per available room (RevPAR) growth during 2013.
Sydney, 5 December 2013 - The Parramatta hotel market has recorded strong revenue per available room (RevPAR) growth during 2013, underpinned by several major events, growing demand for leisure tourism and the steady expansion of business travel, according to Jones Lang LaSalle's Hotels & Hospitality Group's review of the latest October STR Global data.
Anthony Corbett, Executive Vice President - Strategic Advisory, Jones Lang LaSalle's Hotels & Hospitality Group said "Parramatta boasted double digit RevPAR growth of 11.8% for year to date October 2013 compared to the same period last year. Occupancy growth was particularly strong reaching 81.7%, increasing by 7.9% over the same period last year."
This year Parramatta's surrounding areas hosted a number of major events which the market has benefited from, such as the Lions Rugby Tour, several concerts including Pink, Ricky Martin, Beyoncé and One Direction, the Manchester United football match and two State of Origin games.
Mr Corbett added "As Australia's sixth largest Central Business District, and the economic capital of Western Sydney, it is anticipated that Parramatta will continue to attract strong demand particularly from corporate and conference segments. Parramatta is also likely to benefit from the closure of the Sydney Convention Centre which is scheduled for December 2013 reopening late 2016, due to the diversion of events."
Whilst a higher proportion of accommodation development is emerging in Sydney Metropolitan areas where land costs less with fewer development constraints, in Parramatta there is only one hotel construction project underway, being a 266 room Meriton Serviced Apartment complex due to open in 2016. There are a number of other proposed projects however those considered more likely to proceed are either extensions to existing hotels or part of larger mixed use developments.
Source: STR Global October 2013, Jones Lang LaSalle
Executive Vice President - Strategic Advisory, Hotels & Hospitality Group
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