Hotel projects remain abundant in Middle East
For 2012, 106 projects are being planned, with 61 pipelined for 2013
A survey of hotel projects in the Middle East has revealed that the number of hotel projects under construction and in the pipeline remains high, irrespective of the financial crisis.
Boosted by the Qatar’s successful bid to host the FIFA 2022 World Cup, the hotel industry has 106 developments due in 2012, with a further 61 projects pipelined for 2013.
The research, carried out by tophotelprojects.com, also reported that there are currently 468 hotel projects under construction or development, with 110 of those having opened in the past two years falling into the luxury category.
This in addition to findings which suggest just 5% of hotel projects have been abandoned in recent years and a mere 6% were postponed.
“The hotel project development activities in and around the Arabian Gulf remain on a high level and are most likely to continue with the 2022 FIFA Football World Cup in Qatar already in sight,” said the report.
“The global crisis has hit the region less hard then initially expected. The momentum of hotel construction in the Middle East continues on a high level.
“As a consequence, it provides hotel suppliers and business partners with numerous appropriate business opportunities.”
Among the top hotel projects under or due for construction are the MGM Grand Hotel in Abu Dhabi, due for completion early 2012, and the Hilton Hotel & Residence Riyadh, Saudi Arabia, set to open in 2013.