The cost of staying in an Australian hotel could double over the next four years as the number of new hotels being built dwindles, economic forecaster BIS Shrapnel says.
BIS Shrapnel forecaster Frank Gelber says Australia is behind on its current hotel building rate, according to a report on news service ABC Australia.
“We did a study on this last year and we were talking about a doubling in hotel prices over a four-year period, we’ve already seen them go up 20% to 25%,” Gelber says.
Australia is not the only country facing hotel shortages, as boarders open up and more of the world starts to travel.
The UK has seen hotel rates rising, with experts saying London alone will need an extra 50,000 hotel rooms by 2026 to meet rising demand, spurred by the 2012 Olympics and the opening of the UK to tourists from Eastern Europe and China.
While in Glasgow, thanks to a booming conference, events and leisure travel market, hotel rooms are expected to grow by more than 2,400 over the next four years, according to the Glasgow City Marketing Bureau.
By staff writer