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I 24 Oct 00 |
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Profits from luxury hotels to decline following four-year
rise, Australia
Profits from luxury hotels in Sydney and Melbourne are expected to decline this year, following a four-year rise and increase in room supply. Occupancies and room rates for Sydney hotels are 77 per cent and A$218 (approx. US$125), respectively, while occupancies for Melbourne hotels are 74 per cent and rates are A$190 (approx. US$109). The results are based on Horwath Asia Pacific's 200 Survey of Hotel Operations, which showed that profits from luxury hotels in the two cities hit their peaks last year. The hotel markets are expected to continue strong this year, but results will be restrained due to the rise in rooms.
For more information go to www.propertyanalyst.com
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