Saudi Arabia shows 73,057 rooms across the three phases of the hotel pipeline, and the country's projected 67.1% increase in room supply over the next three years is the highest among the world's 50 most populated countries, according to STR's AM:PM platform.
Lifted by IDEX, Abu Dhabi's hotel industry reported its best performance since the start of the pandemic, according to preliminary February 2021 data from STR.
According to the latest published Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE), the hotel construction pipeline in the Middle East declined again to 542 projects/156,921 rooms.
Turning the page doesn't always assure a better result. After the worst performing year on record, the hotel industry was ready for 2021, but resigned to the fact that a new year doesn't mean things automatically get better.
Riyadh's hotel industry reported its highest overall performance since the start of the pandemic, according to preliminary January 2021 data from STR. Year-over-year declines remained significant.
The end of 2020 is not the end of the problems for the global hotel industry, but it does bring hope on the wings of a vaccine that, in time, could be a panacea for wait ails it: fear.
Hotels in both the Middle East and Africa reported all-time lows in occupancy and revenue per available room (RevPAR), according to year-end 2020 data from STR.
Dubai's hotel industry reported its highest performance levels since the start of the pandemic, according to preliminary December 2020 data from STR.
Hotels in the Middle East recorded their highest absolute occupancy level since February, while Africa hotels saw slightly lower occupancy than the previous month, according to November 2020 data from STR.
When the pandemic sent global economies into decline, it clinched the end to a decade-long bull run in commercial real estate markets.