New South Wales is among the most prosperous states of Australia, with its capital Sydney being an international city. It is visited yearly by thousands of domestic and international tourists. Until June 2019 more than 16.1 million tourists came to the city out of which 4.1 million travelled from overseas and 12 million from other parts of the country. What’s more, an increasing number of people are visiting NSW and its capital considering there is so much to see and do. Therefore, the tourism and hotel industry of Sydney (New South Wales) is thriving. Experts predict the inflow of tourists will keep increasing because in 10 years the number of domestic and international visitors increased by 37% and 60% respectively.
The tourism and hotel market outlook 2020 for New South Wales and its capital is promising, so if you are thinking of investing in a business for sale in Sydney, NSW 2000, then now is a good time. Currently, a host of options are available, and if you have financial means to purchase a tourism or accommodation business in Sydney, it would be wise to start planning now. To help you know more facts, here is a guide by experts with the outlook for the tourism and hotel industry for this year.
Tourism in Sydney, New South Wales
The tourism industry has a major impact on the economy of Sydney, and it is a significant driver which is why there are so many businesses for sale in Sydney, NSW 2000 available for investing. Listed below are some facts about the current tourism scenarios and predictions.
- The visitors’ count is estimated to increase to 105 million nights in 2020
- The arrival of international visitors is believed to be 8.4 million by 2022, which is more than the previous forecast of 6 million.
- The government of New South Wales is keen and working towards improving the key tourist areas of Sydney. George Street will be revamped to include a light rail as well.
- The tourism industry of the capital operates 24/7 supporting over 10,000 businesses and providing employment to over 6.8% LGA workforce.
- Experts predict the business and employment opportunities will increase. So, there will be more jobs created, economic growth and room for businesses to thrive.
Hotel Market in Sydney, New South Wales
The demand for hotel accommodation in Sydney is strong and shrewd investors recognise it. People who are thinking of buying a business for sale in Sydney, NSW 2000 in the hotel industry can benefit a lot because the future is promising. Here are some facts and outlook for the hotel market in the capital city of New South Wales.
- Sydney remains at the top in the market terms of Revenue per Available Room (RevPAR) in 2019 and experts predict the revenue will increase.
- In the past two years, the occupancy rates were low. However, in 2020, with predictions for increased international tourists, the occupancy rates are set to increase.
- There are new projects in the pipeline and the opportunities for buying accommodation businesses for sale in Sydney, NSW 2000 are higher.
- With the development of new hotels and a diverse range of accommodation units, the hotel industry is set to witness more growth and increased revenues.
- As of December 2019, the total number of establishments with 100 rooms or more was 412 in Sydney with a total of 44,403 rooms and an occupancy rate of 83%
Key Takeaways
The tourism and hotel industries of Sydney, New South Wales, are booming as it is among the most visited cities in Australia. Majority of domestic and international tourists come to the city for visiting the various attractions. Therefore, for business owners and investors, Sydney is a city to turn their eyes and think of capitalising on the growth prospects and opportunities. People who are thinking of investing in a business for sale in Sydney, NSW 2000 should act fast and ride the upward wave. There are a host of opportunities waiting to be explored.
Wrapping Up
From this tourism and hotel market outlook 2020, people who are in these industries can benefit as the future prospects are promising. So, if you are an entrepreneur or investor seeking to take advantage of the upward growth trajectory of the city’s growing tourism and hotel industries, then now is the best time!