Business Events Tasmania chief executive Stuart Nettlefold said the development will be a stimulus to the business events market, which presents a range of perks for the region. 

“A [business events] delegate is the highest contributor in terms of yield to the visitor economy,” he said.

“They spend the most when they attend a conference. They stay on average around 5.7 days, of which 3 days are spent at the conference on average and then the other 2.7 is spent exploring the city and region.”

Business visitors are also a key part of driving future visitation to the region, with 65 per cent of delegates wanting to return for a future holiday and 90 per cent recommending it to friends and family as a destination. 

Beyond tourism benefits, Mr Nettlefold said there is the added benefit that business events often attract world leaders in their particular fields, which is a boon for innovation and presents opportunities for partnership.

Tourism Northern Tasmania chief executive Chris Griffin said the ability to attract business events and conferences is also important in ensuring tourism and hospitality profitability outside the peak tourism season. 

“[With] conferences we can attract beyond our peak seasons, so they're essential for hospitality sector profitability between April and October/November,” he said. 

“We actually are seeking business tourism or conferences … it's actually a key point in our strategy.”

Mr Nettlefold said the proposed development ties in with other new and proposed developments and will complement existing business events facilities.

“It’s really exciting to see some exciting visionary concepts being put on the table, that when they become a reality will be very positive for Launceston as a whole.”