'When people can move, they'll go holidaying' - Hotel experts look to the future
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'When people can move, they'll go holidaying' - Hotel experts look to the future
A panel including Tourism Australia Chair Bob East, Accor COO Simon McGrath and hotelier Jerry Schwartz have spoken with CBRE National Director Wayne Bunz length about what the future holds for the tourism and accommodation sectors as part of CBRE's Hotels in the New World: Navigating the Road to Recovery webinar.
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CBRECBRE Hotels National Director Wayne Bunz.
A renewed focus on innovation and the strength of Australia's domestic tourism market could end up characterising the country's hotel sector during COVID-19, according to a CBRE Webinar conducted on Wednesday afternoon.
Watch the CBRE Hotels Market Insight Webinar recording here.
More than 1200 industry members tuned in to Hotels in the New World: Navigating the Road to Recovery, which included a panel made up of Tourism Australia Chair Bob East, Accor COO Simon McGrath, hotelier Jerry Schwartz, CBRE Valuations and Advisory Regional Director Troy Craig, and CBRE Debt and Structured Finance Managing Director, Andrew McCasker.
The forum was moderated by CBRE Hotels National Director Wayne Bunz.
Hotels in the New World: Navigating the Road to Recovery - At a glance:
- JobKeeper has been a lifesaver for the industry
- Industry has become more digitally and socially active
- Concept of a pacific bubble is exciting for the industry
- Kickstarting the industry will depend on great marketing message and great people
- Huge pent up demand and desire for travel is innate
- Consumers will look to spoil themselves
- Domestic and regional tourism outlook is positive
Participants ranged from Asian investors, employees from the big four banks, as well as industry bodies and regional directors from hotel management companies.
They were treated to a broad discussion on where the industry is positioned moving forward and who is most likely to benefit once restrictions are lifted.
Hotelier Dr Jerry Schwartz. Source: CBRE
Moderator Wayne Bunz of CBRE Hotels told WILLIAMS MEDIA the potential for positive change was one of the overriding themes of the discussion.
"We all believe the industry is going to rebound well, abeit slowly," he said.
"The domestic Australian market is going to become more important than it ever has before and right now there is a chance for the sector to really innovate and look at itself.
"It's really important for people to work with their banks on their debt and where valuations are going to go."
Tourism Australia Chair Bob East. Source: CBRE
There was consensus that the government was taking the right steps to support the industry, with Mr McGrath commenting there was a growing "degree of excitement" among the private sector about the return of business.
"Never before have we seen such coordination between the state and federal levels of government," he said.
"The sector is resilent and is being led well by the government.
"I expect there to be a level of enthusiasm and entrepreneurship once restrictions are lifted."
Accor Chief Operating Officer for the Asia Pacific Simon McGrath
The panelists were also in agreement about the role of the domestic sector moving forward.
For Dr Schwartz, who owns 15 hotels, the gradual implementation of the federal government's three-step program would result in a domestic boom.
"Once people are allowed to move, they're going to want to go holidaying," he said.
"That means holidaying in your own city or going to a nearby leisure area.
"The resorts that are among the least economical hotels at the moment are likely to become the most profitable.
"I also believe people are going to pig out when it comes to three and five-star hotels."
Watch the CBRE Hotels Market Insight Webinar recording here.
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