Dubai Puts Hotel Success to the Test With More, More, More - Bloomberg Business

Dubai Puts Hotel Success to the Test With More, More, More - Bloomberg Business:



"The Burj al Arab. The Jumeirah Beach Hotel. The palm island’s Atlantis. All unmistakably Dubai, the Persian Gulf emirate that turned itself into a luxury tourist destination.



Now Dubai is doubling down by building hotels at the fastest pace of any city, putting pressure on occupancy and rates that are among the highest in the world. The 14,385 rooms under construction will increase supply by about a fifth, according to industry researcher STR Global, and thousands more are planned.



“There is concern around Dubai that we won’t see the same high rates as before,” Philip Wooller, Middle East and Africa director at STR Global, said in an interview. “But there is a bigger picture here and Dubai’s room rates need to soften to keep people coming and to allow the market to evolve.”"



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