With over $2.9 billion worth of infrastructure projects currently under way, the nation’s capital is quickly becoming a destination hot spot for investors and tourists alike.
The large-scale infrastructure plans include new vibrant urban precincts and a state-of-the-art light rail network – both of which are showcasing Canberra’s market strength and anticipated future growth in the tourism market.
Canberra is known for making headlines in the most unexpected ways, with the nation’s capital recently ranked as a "top ten" city in Lonely Planet’s 2018 Best in Travel awards, taking out the highest place of any Australian city for the last 13 years.
Hailed as a national treasure that "packs a punch", Canberra and its gastronomic and cultural highlights was labelled "criminally overlooked" by the internationally-renowned travel guide.
The young city’s identity as a must-see location is quickly emerging, with national tourism statistics showing the number of visitors to Canberra increased by 17 per cent and attracted $558 million in tourism spending in 2017.
Canberra-born private hotelier, Abode Group, says they are working to help redefine accommodation trends in Canberra and support the current strength in the tourism market.
“As a locally owned and operated business we are closely connected with the Canberra community and respect the city that we represent,” Abode general manager Rien Donkin said.
“We’d like to focus on the current market and how Abode Group’s pipeline and large distribution reach is closely aligned to the ongoing success of Canberra tourism, whether it be for business or leisure travellers.”
The group currently manages a portfolio of six hotel properties in the ACT and regional surrounds, with an additional six under development.
Built from a grass roots model, Abode Group has been operating in the industry for the last eight years. Swift brand growth has evolved with its mission to build a bigger Canberra, and a philosophy of improving its home community.
The company’s Murrumbateman hotel development is forecast to attract an extra 23,000 annual visitors to the Murrumbateman and Yass Valley Region and create a projected $1.85 million injection into the local economy.
By 2020, the company anticipates that it will have more than 1,000 hotel rooms under management thanks to new Abode Hotels coming online with Geocon developments such as Midnight in Braddon and Republic in Belconnen.
Abode Group revenue manager Rudy Kalele says that the independent brand will provide for the expanding market and meet the development supply and demand in Canberra.
“It’s an exciting time for the Canberra hotel market. Available data reveals that in the last five years the occupancy and average daily rate have risen quite substantially.
New supply over this period hasn’t had any negative impact on the growing Canberra market. If at all, the new stock is of high standard and has assisted in attracting more tourism and events.
“Our Abode Hotel brand is currently seeing above market performance trends across all properties – which are currently based in town centres, not the city.
“I forecast that both ADR and occupancy will continue to grow in line with the market demand, based on continued analysis of Canberra’s predictable government-corporate booking patterns, increases in domestic leisure travel, and international traveller arrivals into the capital.”
With a five star brand in development and three sites pegged for new hotels by 2021, Abode Group are paving the way for the continued growth in tourism economic development in the nation’s capital.
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