MIDDLE EAST PROJECT PIPELINE TOPS 580 HOTELS IN 2019: ROLF W. SCHMIDT
A new report by TOPHOTELPROJECTS shows it’s a very good time to be an investor or a hotel owner in the Middle East, where projections show that the market will continue to be robust and dynamic for the foreseeable future.
This cause for optimism was the main takeaway of a report presented by TOPHOTELPROJECTS founder and CEO Rolf W. Schmidt at the TOPHOTELWORLDTOUR Los Angeles, which was held earlier this year at Hotel Indigo Downtown Los Angeles.
During that event, Schmidt unveiled a new report with figures that show the Middle East to be a hospitality market that is growing at a steady and impressive rate. In fact, all told by the end of 2019 there will be 580 projects in its pipeline, which is on par with last year.
Tourists love the Middle East
Perhaps the greatest strength of the Middle East’s hospitality market is the rate at which it attracts tourist arrivals from the rest of the world.
From 2017 to 2018, the Middle East saw the greatest rise in tourism arrivals in the world. While tourism worldwide experienced growth in this period, the rate of growth differed greatly between regions.
In the Americas, we saw a 2.9% increase and a whopping 7.3% increase for arrivals to Africa. Europe, meanwhile, clocked in at a healthy 5.7% while the Asia Pacific grew by 6.1%. The Middle East, however, was the world leader, experiencing a double-digit gain of 10.3%.
Key countries, brands, and cities
Leading the way in Middle Eastern tourism is the United Arab Emirates, home to glamorous Dubai.
That market currently has 194 projects and 58,199 rooms in its pipeline. Not far behind, however, is Saudi Arabia, with 150 projects and 67,763 rooms in its own pipeline. These numbers show that on average the size of projects in Saudi Arabia exceeds that of the projects in the United Arab Emirates. To put this in perspective, the third placed country in the region is Turkey, with 49 projects and 8,657 rooms.
Given all of that, it is unsurprising that the cities leading the pack are Dubai, Riyadh, and Doha. Meanwhile, the leading brands for the region are Hilton, Accor, and Marriott International, in that order.
Source: Top Hotel News