Australian property developers have called out for the development of a five-star hotel in Perth in a bid to improve the economy across the western state.
According to the West Australian, campaigners believe that the launch of the luxury accommodation would increase rates of return and attract investors to the region.
With the overall return rates standing at only eight per cent, property developers claim it would take a high-end operator to pull the city out of its economic slump.
Nick DiLello, head of project residential, land marketing and tourism for Colliers International, claimed that a five-star hotel with between 150 and 300 rooms was needed.
"Until a new hotel comes into town and demands $600 (£383) a night then the rest of the market won't lift, because a hurdle has not been set for everyone else to achieve," he added.
A recent article posted by Perth Now revealed that research conducted by Jones Lang LaSalle found that the city's central business district was the home of the most expensive office space in Australia.
Posted by Ravin Chatlani
According to the West Australian, campaigners believe that the launch of the luxury accommodation would increase rates of return and attract investors to the region.
With the overall return rates standing at only eight per cent, property developers claim it would take a high-end operator to pull the city out of its economic slump.
Nick DiLello, head of project residential, land marketing and tourism for Colliers International, claimed that a five-star hotel with between 150 and 300 rooms was needed.
"Until a new hotel comes into town and demands $600 (£383) a night then the rest of the market won't lift, because a hurdle has not been set for everyone else to achieve," he added.
A recent article posted by Perth Now revealed that research conducted by Jones Lang LaSalle found that the city's central business district was the home of the most expensive office space in Australia.
Posted by Ravin Chatlani
