“The rebranding trend is definitely one that is here to stay. With major hotel brands able to acquire new stock to reposition at well below replacement cost, it makes solid financial sense and will help boost the portfolios of our major hotel brands,” Lower said.

In one of the latest deals, Accor has signed an agreement with Panthers Group for a new five-star Pullman hotel at the Penrith Panthers precinct in western Sydney.

Accor Pacific chief executive Sarah Derry said western Sydney is renowned as the engine room of the city and “we are incredibly proud of our thriving hotels and incredible teams here”.

The upscale 153-room Pullman Sydney Penrith hotel, which is slated to open in the fourth quarter of 2023, forms part of Panthers Group’s landmark transformation of the Penrith Panthers precinct to create a new business and entertainment destination.

The hotel is adjoined to the new 1250-square-metre Western Sydney Conference Centre, which remains on track to open in Q4 2023 too, and will boast a range of facilities including a restaurant and bar with private dining rooms, and a ground-floor cafe.

Pullman Sydney Penrith will service the Western Sydney Conference Centre, which will host trade shows, exhibitions, seated functions for up to 1000 people and other major events.

The City of Penrith is nearing a significant tourism boom, with additional major infrastructure works under way to enhance the destination, including the upcoming Western Sydney International Airport due to open in 2026.