Appendix A - Economic Impact Assessment.pdf

                                            Noosa Springs Luxury Hotel Economic Impact Assessment
                                                                                      Final Report

6.       Summary
The Noosa Springs Boutique Hotel will deliver a 112 room, full-service, luxury hotel in Noosa. This
development will fulfil numerous strategic goals and aspirations as espoused by the Noosa Shire and
Tourism Noosa. It will provide considerable capacity to attract high yield/high spending visitors and
would represent one of the most significant investments in tourism product over the last decade. In
order to grow as a destination, Noosa requires new tourism investment into facilities and amenity.

The Noosa Springs Boutique Hotel also addresses a significant lack of luxury, full-service hotel
product in the Noosa region. Currently, there is only one property (out of 158) that provides a
luxury, full service hotel experience (i.e. Sofitel Noosa Pacific Resort). Furthermore, Noosa suffers
from a shortage of short-stay accommodation rooms and a chronic shortage of high-end, luxury
accommodation. As the region emerges from the COVID-19 crisis, the shortage of accommodation
rooms will become more acute, creating limitations in the market and deterring visitors due to lack
of availability, particularly during peak times. The Noosa Springs Boutique Hotel provides much
needed new, luxury accommodation. The delivery of the Noosa Springs Boutique Hotel will greatly
complement the existing accommodation offer in Noosa.

The Noosa Springs Boutique Hotel provides a variety of positive economic benefits, including 202
jobs and $25.7 million (in GRP terms) during construction and $14.3 million (in GRP terms) and 158
jobs once operational.

The Noosa Springs Boutique Hotel provides considerable economic benefits for Noosa. The
increase in room supply of 112 rooms will be easily absorbed by the market with only limited or
marginal impacts on other existing properties.




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