The Middle East and Africa are the only regions in the world to show an increase in the hotel pipeline in the third quarter


The Middle East and Africa was the only region in the world to register an increase in hotel pipeline activity at the end of the third quarter, according to data from hotel industry analysis provider STR.

The total number of hotel rooms under contract in the region rose about 2% in September from the same month last year, to 243,613, according to monthly data from STR.

“Most of the region’s pipeline activity is concentrated in the Middle East,” STR said.

Saudi Arabia and the United Arab Emirates lead the region’s construction activity with 39,070 and 32,373 hotel rooms respectively, according to the report.

The FIFA World Cup being held in Qatar promises booming business for UAE hotels in the final quarter of 2022 as thousands of fans flock to the Gulf country due to limited numbers accommodation in the neighboring host country.

Major local and international hotel chains in the UAE expect to be at or near full capacity during the four-week football tournament, amid strong forward bookings for November and December, senior officials said. hotel.

Saudi Arabia aims to deliver 310,000 completed hotel rooms in the kingdom by 2030 as part of plans to grow its hotel market for domestic and international tourism, according to a recent report by global real estate consultancy Knight. Frank. Delivering the supplies is expected to cost around $110 billion, he said.

In the Middle East and Africa, the number of hotel rooms being planned in September rose about 19% year-on-year to 74,510, according to STR data.

However, construction activity in the area fell about 3% to 130,956 rooms, while those under final planning fell 6% to 38,147 rooms during the month, according to the report.

Europe saw the largest drop in overall hotel pipeline activity among global regions in September, compared to the same month in 2021, the data showed. STR did not provide an explanation for the decrease.

The total number of hotel rooms under contract on the mainland fell by around 8% to 505,057 rooms, the London-based company said.

In Europe, the number of rooms under construction fell 14% to 197,884, while those in final planning fell 16% to 144,277, according to STR data.

Germany and the UK lead Europe in terms of the total number of rooms under construction, with 38,676 and 29,471 rooms respectively.

The Americas recorded the second-largest drop in overall hotel pipeline activity globally in September. The total number of hotel rooms under contract in the region fell 5% year-on-year to 740,443 in September, according to data from STR.

The number of hotel rooms under construction in the region decreased by approximately 9% to 207,585 during the period. Those in final planning fell 18% to 203,069.

“The United States owns the majority of the chambers under construction in the region. After the United States, Mexico (14,077 rooms) and Canada (7,126 rooms) have the highest number of rooms under construction in the region,” STR said.

In Asia-Pacific, the total number of rooms under contract decreased by approximately 4% to 904,249 in September.

The region’s hotel rooms under construction rose nearly 2% to 485,250, while those under final planning fell 26.3% to 131,427.

“Among countries in the region, China has the most rooms under construction (311,859), followed by Vietnam (28,692),” STR said.

Global capital investment in travel and tourism fell by around a quarter, to $805 billion in 2020, from $1.07 trillion in 2019, as the Covid-19 pandemic devastated the industry , according to data from the World Travel and Tourism Council. Investment in the sector fell another 7% in 2021 to $750 billion.

Investment in hotels represents a key element in the overall investment and development of the wider travel and tourism sector.

Updated: October 23, 2022, 7:53 a.m.

Source link


About Author

Comments are closed.