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Saturday, 10 December 2016

Hotels groups in UAE build on as growth slows

Hotels groups in UAE build on as growth slows:
"Hoteliers in the United Arab Emirates are bracing themselves for some fresh competition: another 54,000 hotel rooms are set for construction by 2020, according to a report this year by TopHotelProjects — an increase on present numbers of more than a third.

The boom in hotel construction comes despite falling revenues and slowing economic growth in important tourism markets such as China and the eurozone. Large hotel chains — including Paramount, Marriott and its subsidiary W Hotels, which all have new openings planned — seem undeterred.

Property agents say their confidence is inspired, in part, by the emirates’ ambitions to expand their appeal to different types of visitors. Dubai wants to be known for more than its malls, and Abu Dhabi for attractions beyond the oil business. “About half of the [forthcoming hotel] inventory is in Dubai, which is transforming itself from a beach, shopping and business destination,” says Gaurav Shivpuri, head of capital markets for the Middle East and north Africa at JLL, an estate agency group."

'via Blog this'