GCC hotel pipeline looking positive for 2010 and beyond
Hotel development plans for the GCC are looking robust with the rate of signings and confirmed rooms on the up.
“With 332,000 keys currently in the Gulf , we see that there are potentially 422,000 confirmed hotel rooms, which will be operating across the GCC by 2014, this is a growth rate of 6%,” said: TRI Hospitality Consulting Director John Podaras at the Arabian Hotel Investment Conference (AHIC).
He said 90,000 rooms had been confirmed to be added in the GCC over the next five years, with 30.8% of the projected new rooms set to open in Dubai alone.
In addition, the number management agreements signed so far this year for the GCC has already reached 60% of the total signed in 2009. However, 13% of all hotel projects in the GCC are on hold, while 6% have been cancelled, he added.