With more than 3.6 million visitors, representing a year-on-year increase of almost 25%, 2017 was the first time in Israel's history that the 3 million mark was reached. This article explores the hotel performance and development pipeline in Israel.
As Dubai gears up for Expo 2020, the hospitality sector should be considering what will come next.
The United Arab Emirates remains one of the strongest and fastest-growing hospitality markets on the planet, fueled in large part by the glamorous desert oasis of Dubai. This is perhaps one of the main reasons that the country's hospitality industry has long been the domain of upscale and luxury brands.
STR's preliminary April 2018 data for hotels in Jeddah, Saudi Arabia, indicates negative overall performance due to a jump in supply. Based on daily data from April, Jeddah reported the following in year-over-year comparisons:
STR's preliminary April 2018 data for Abu Dhabi, United Arab Emirates, indicates higher occupancy levels and lower room rates. Based on daily data from April, Abu Dhabi reported the following in year-over-year comparisons:
STR's preliminary March 2018 data for hotels in Jeddah, Saudi Arabia, indicates mostly negative performance due to a spike in supply. Based on daily data from March, Jeddah reported the following in year-over-year comparisons:
STR's preliminary March 2018 data for Dubai, United Arab Emirates, indicates strong growth in both supply and demand. Based on daily data from March, Dubai reported the following in year-over-year comparisons:
Saudi Arabia is aiming to ring in a new chapter in its history with a range of developments to position it as a leisure destination for residents and overseas visitors. The kingdom is planning to invest $64 billion in its entertainment industry over the coming decade as part of an ambitious program of social and economic reform, known as Vision 2030, to reduce its dependency on oil.
STR's preliminary February 2018 data for Abu Dhabi, United Arab Emirates, indicates strong occupancy growth but lower rates due to difficult-to-match comparisons from 2017. Based on daily data from February, Abu Dhabi reported the following in year-over-year comparisons:
Hilton recently completed a major dual-brand deal that it hopes will sure up its status as one of the major luxury hoteliers in Egypt, as well as in the rest of Africa. This deal will eventually bring a Waldorf Astoria hotel to Egypt, making it the brand's first location in the entire continent.
LONDON -- Saudi Arabia has more than 64,000 rooms across the three phases of the hotel development pipeline, according to data from STR. That room total represents 76% of the more than 84,500 existing hotel rooms in the country. As shown in STR's January Pipeline Report, there are 187 hotel projects total in Saudi Arabia between the Planning, Final Planning and In Construction stages. The construction phase represents the largest portion of the pipeline with almost 40,000 rooms in 94 projects. At the market level, Makkah is set to receive the largest amount of new supply with more than 23,000 rooms In Construction and more than 32,000 rooms total in the pipeline.Jeddah and Riyadh are each approaching 10,000 rooms total in the three phases of the pipeline.Ahead of his presentation at the Saudi Arabia Hotel Investment Conference (SHIC) on Monday, 26 February, STR's area director for the Middle East and Africa, Philip Wooller, comments on the market's supply development: "Saudi Arabia's hotel market is going through a period of massive supply expansion," Wooller said. "In the short term, we've already seen this growth affect performance levels, and this trend should continue as more and more properties start to come online. But it is important to note that this is part of a major long-term investment for the market to further develop its infrastructure to accommodate millions of annual visitors, which come for religious pilgrimages and as new tourism attractions spring up as part of Vision 2030."
Dubai's hospitality sector has the largest pipeline of additional room supply in the world, with 64,000 rooms forecast to be added to the current stock of less than 100,000 rooms by 2020. Will that lead to a crash in prices or can the market absorb this supply?
According to figures from hotel data company STR, Dubai currently has the largest hotel room pipeline of any city in the world, standing at over 50,000 rooms on an existing room count of less than 100,000. What's more, it is concentrated at the top end of the market, with around 14,000 upper-upscale rooms (a 60 percent increase), around 13,000 upscale rooms (a 56 percent increase), and over 8,000 upper-midscale rooms (a whopping 99 percent increase) planned.
Hotels in the Middle East reported negative 2017 performance results, while hotels in Africa posted growth across the three key performance metrics, according to data from STR.U.S. dollar constant currency, 2017 vs. 2016Middle East
International tourism in the Middle East and North Africa showed clear signs of recovery in 2017 with growths of 5% and 13%, respectively. Against this backdrop, tourism ministers, Spanish authorities and private sector gathered to discuss future tourism prospects at the Ministerial Round Table on Tourism Development in the MENA Region, during the Madrid International Tourism Fair in Spain (18 January, FITUR Madrid).
STR's preliminary December 2017 data for hotels in Jeddah, Saudi Arabia, indicates significant supply growth and negative performance. Based on daily data from December, Jeddah reported the following in year-over-year comparisons:
STR's preliminary December 2017 data for Abu Dhabi, United Arab Emirates, indicates significant performance growth. Based on daily data from December, Abu Dhabi reported the following in year-over-year comparisons:
STR's preliminary November 2017 data for hotels in Jeddah, Saudi Arabia, indicates significant supply growth and steep performance declines.Based on daily data from November, Jeddah reported the following in year-over-year comparisons:
STR's preliminary November 2017 data for Dubai, United Arab Emirates, indicates significant growth in supply and demand. Based on daily data from November, Dubai reported the following in year-over-year comparisons:
Whilst hotels in the Middle East and Africa successfully recorded a 1.9% year-on-year increase in GOPPAR this month, the periods of decline recorded across 2017 threaten to undermine the positive months of performance, according to the latest worldwide poll of full-service hotels from HotStats.