Tourism Planning Taskforce Report - Western Australian Planning ...

More documents

Recommendations

Info

Further readingWilliams, P., Penrose, R. & Hawkes, S. (1998) Shared Decision Making in Tourism Land Use PlanningAnnals of Tourism Research, Vol. 25 No. 4, pp 860 - 889 Pergamon Press USAWinchester, D. (2004). Challenges for Accommodation Investors. Travelweek, p.4. Australia.World Travel and Tourism Council (2003). Travel and Tourism Economic Research. Retrieved fromhttp://www.wttc.org/measure/PDF/World.pdfWyong Shire Council (undated) North Entrance Integrated Tourist Facility Development Control PlanNo 26. Wyong Council, NSW.Tourism Planning Taskforce Report93
Appendix 1Appendix 1PAPER ON FINANCING TOURIST ACCOMMODATION FOR “THE MINISTERIALTASKFORCE TO INVESTIGATE THE IMPACT OF COMBINING TOURIST ANDPERMANENT RESIDENTIAL ACCOMMODATION AND THE IMPACT OF STRATATITLING OF TOURIST ACCOMMODATION”BY JEFF COHENCADirector Commercial FinanceAshe Morgan Winthrop18 TH NOVEMBER 2002FINANCING OF TOURIST ACCOMMODATIONPurposeThe purpose of this paper is to provide an overview of the funding policies of the major banks withrespect to tourist accommodation (the terms tourism accommodation and hotels are interchangeablein this paper). In particular, the Ministerial taskforce is interested in understanding why developers areseeking planning approval for a residential component within these projects, and the financialimplications of the strata titling of such projects.A copy of the letter of instruction provided by the Ministerial taskforce and the Terms of Reference areattached to the rear of this paper.BackgroundTourism is not an asset class that banks are especially bullish about financing, therefore whenpresented with a tourist asset, they will take an inherently more conservative position than mightotherwise be the case. This is due to several reasons, including:• The recent history (say in the last 10-15 years) of tourism assets and particularly hotels, to trade atsignificant discounts to replacement cost. In the late 1980's - early 1990's, development finance fortourist accommodation was considerably easier to secure with lower equity requirements than isthe case today. However, this changed when the banks incurred significant losses in this sector,during the 1990's. It could be argued that it was this tightening in credit standards that has led tostrata titling developments becoming a more popular way of effectively financing tourismdevelopments, and• The ability of single events such as the 1989 pilots' strike, the 2001 terrorist attacks on the WorldTrade Centre and the collapse of Ansett, to have a material impact on the industry.Essentially when undertaking hotel developments, developers have two options, with these being:• Develop and sell individual strata units to investors, and• Develop and retain ownership of the development or sell to a single purchaser.It is important to note that the two options are completely different, with the first being a property "play"where the developer builds a building, sells the product and crystallises a development profit. In someinstances, a company associated with the developer assumes the ongoing management rights for theoperation of the hotel whilst in others they are managed by arms length hotel managementcompanies/operators. However, this represents a separate "transaction" and the developer'sobligations generally terminate once all strata lots are sold and any ongoing contractual obligations(such as minimum rental guarantees) are satisfied.94 Tourism Planning Taskforce Report
Page 3 and 4:
1Front cover photographs:1 Yallingu
Page 7 and 8:
GLOSSARY . . . . . . . . . . . . .
Page 10 and 11:
Summary• The rezoning of a touris
Page 12:
Chapter 1Introduction1 Introduction
Page 16 and 17:
Chapter 1Introduction• To identif
Page 18 and 19:
Chapter 2State tourist accommodatio
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Chapter 3Current tourism developmen
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Chapter 4Term of Reference 14 Term
Page 42 and 43:
Chapter 4Term of Reference 1require
Page 44 and 45:
Chapter 5Term of Reference 25 Term
Page 46 and 47:
Chapter 5Term of Reference 2framewo
Page 48 and 49:
Chapter 5Term of Reference 2require
Page 50 and 51:
Chapter 5Term of Reference 2a facil
Page 52 and 53:
Chapter 5Term of Reference 2The uni
Page 54 and 55: Chapter 5Term of Reference 2• Whe
Page 56 and 57: Chapter 6Term of Reference 36 Term
Page 58 and 59: Chapter 6Term of Reference 3clear t
Page 60 and 61: Chapter 6Term of Reference 3such de
Page 62 and 63: Chapter 6Term of Reference 3comply
Page 64 and 65: Chapter 6Term of Reference 3arrange
Page 66 and 67: Chapter 7Term of Reference 47 Term
Page 68 and 69: Chapter 7Term of Reference 4Table 1
Page 70 and 71: Chapter 7Term of Reference 47.3.1 Z
Page 72 and 73: Chapter 7Term of Reference 4guests
Page 74 and 75: Chapter 8Taskforce recommendations8
Page 76 and 77: Chapter 8Taskforce recommendationsc
Page 78 and 79: Chapter 8Taskforce recommendations-
Page 80 and 81: Chapter 8Taskforce recommendationsd
Page 82 and 83: Chapter 8Taskforce recommendationss
Page 84 and 85: Chapter 8Taskforce recommendationsf
Page 88 and 89: Chapter 8Taskforce recommendationsT
Page 90 and 91: Chapter 8Taskforce recommendationsT
Page 92 and 93: Chapter 8Taskforce recommendationsu
Page 96 and 97: Chapter 8Taskforce recommendationso
Page 98 and 99: Chapter 8Taskforce recommendationsR
Page 100 and 101: ReferencesReferencesAustralian Bure
Page 102 and 103: Further readingGetz, Donald (1993)
Page 106 and 107: Appendix 1In the second option, the
Page 108 and 109: Appendix 2Appendix 2List of submitt
Page 110 and 111: Appendix 2Executive Officer*(4) REI
Page 112 and 113: Appendix 33 Responsibility forprepa
Page 114 and 115: Appendix 38 Proposed criteria for t
Page 116 and 117: Appendix 311 Residential componento
Page 118 and 119: Appendix 315 Use of tiered system f
Page 120 and 121: Appendix 319 Managementarrangements
Page 122 and 123: Appendix 322 Land Tax. 7 Support fo
Page 124 and 125: Appendix 327 Review period fortaskf
Page 126 and 127: Appendix 4Bradley Woods,Karen Conne
Page 128 and 129: Appendix 5Unit owners are not able
show all

Tourism Planning Taskforce Report - Western Australian Planning ...

Create successful ePaper yourself

Delete template?

Save as template?