Despite increasing competition from serviced apartments and the likes of Airbnb, the hotel market is prospering.

According to Statista, the revenue of the global hotel industry was US$457 billion in 2011, with Euromonitor International forecasting a US$550 billion revenue in 2016. In Australia, IBISWorld predicts industry revenue to grow at an annualised 2.4 per cent between 2011 and 2016, with 2015-16 to total AU$6 billion. They…