Sheraton presence to add millions to Fraser Coast economy
Sheraton Hervey Bay to boost Fraser Coast economy and job market economic study reveals
An updated economic study has revealed significant benefits to the Fraser Coast economy and job market with the proposed introduction of a Sheraton hotel in Hervey Bay.
Developer Sunny Beach Land commissioned the updated report from consultancy group Urban Economics after it signed a Memorandum of Understanding with Sheraton Hotels and Resorts owner Marriott International for the iconic five-star hotel chain to manage the resort.
The updated study has been lodged with the Fraser Coast Regional Council as part of the company’s Development Application for the project located on the Torquay waterfront.
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The Sheraton’s involvement is projected to bring a direct and indirect economic benefit of $583 million to the region, a substantial increase from the original estimate of $425 million. Local industries are expected to receive a direct injection of $343 million, up from the previous forecast of $250 million.
Employment opportunities are also set to rise, with total direct and indirect jobs increasing from 1350 jobs to 1770 jobs.
Sunny Beach Land Director Dan Cuda expressed excitement about the findings.
“This report clearly demonstrates how much the local community will directly benefit from our plans despite a campaign of misinformation to the contrary,” he said.
“It also outlines many further flow-on effects for the Fraser Coast region, such as growth opportunities for local businesses, the potential to increase direct flights to Hervey Bay and the sustainability of the tourism sector due to more visitors spending more money.
“We knew that an operator of the calibre of Sheraton – part of the world’s largest luxury hotel group – would bring huge benefits to this region so we’re very excited to have this confirmed by economic experts.”
The proposed Sheraton Hervey Bay, located on the Torquay waterfront, will feature 223 rooms, an increase from the originally planned 187 rooms. The development also includes plans for a spectacular snorkeling and dive pool, further enhancing its appeal to tourists.
The study indicates that the project will result in an additional $12 million in annual visitor spending and attract 103,000 overnight visitors per year. Additionally, the development is expected to provide employment for approximately 50 local apprentices, contributing to skill development and job creation in the area.
Urban Economics’ Economic Impact Assessment emphasises the necessity of a critical mass of hotel rooms to attract a high-caliber operator like Sheraton to Hervey Bay.
The report states, “The significant economic and community benefits and impacts that would result for the Fraser Coast and Wide Bay Burnett Region may otherwise be lost without the development at the heights proposed to secure a branded hotel operator and critical mass of residential apartments.”
The proposed mixed-use development will also introduce a variety of housing options, catering to downsizing and rightsizing households, and will be situated close to local amenities, retail, and recreational infrastructure.
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