New luxury Brisbane hotel emphasises sector growth

"This venture emphasises the current and projected growth of the Australian accommodation sector. Offshore investors recognise this and have a genuine appetite to invest here, with overseas investments in new hotel stock at its highest in 10 years," said Accommodation Association Chief Executive Officer, Richard Munro.
 
"Investment in quality Australian bricks and mortar accommodation infrastructure is fantastic for the accommodation sector, and in turn, Australia's economy.

Offshore capital injection
 
"Australia's unique, high quality accommodation development potential is accentuated by this capital injection from two offshore companies and industry sentiment is strong in accommodation investment.
 
"The other drawcard for this kind of overseas investment is the prospect of major events being held in the area. The W hotel will be ready for the Commonwealth Games in 2018, which is set to be a highlight on Queensland's tourism calendar. Major events such as this are the ideal complement to the accommodation sector; they are mutually reinforcing.
 
"The Association is delighted to see this most recent collaboration and is confident that this recent flurry of overseas investment for quality hotels on our shores will continue.
 
"We also congratulate Starwood on its recent boom of developments and are eager to continue to see its success in the Australian market and further presence of its W hotel brand here in Australia."
 
The five-star W hotel will feature 305 rooms as part of a $1 billion mixed use development in George Street, Brisbane.