Reinforced with Digital Optimization, Coral Hotels & Resorts Gears Up for Expansion
So what does he have in mind for the Coral brand that expanded so successfully since its formation in 2003? Laurent said, "The competition is intensifying with the market getting increasingly crowded. However, Coral Hotels & Resorts is a strong brand that is well-positioned to win a bigger market share with a high visibility and reach. We are now looking for a more balanced geographic growth in the region. Having said so the GCC - UAE and KSA in particular - are central to our expansion strategy at HMH. If you are not strong in your home market, you lose your DNA. The key thing is to get the right locations and products. The travel and tourism forecasts look very promising and we are eager to capitalize on this buoyant scenario."
The Middle East region is entering a new era of stability with increased connectivity and expansion of existing infrastructure. Current estimates suggest that over the next 20 years, upwards of $3 trillion will go directly into leisure and tourism and indirectly into the supporting infrastructure. Through projects announced to date, by 2020 the region will add airport capacity for 300 million extra passengers, build over 200 new hotels, add 100,000 additional rooms, grow visitor numbers to 150 million, and increase the size of its aircraft fleet by over 150% by 2025. With the leisure and business travel sectors both set to double in size, the region's forecasts suggest annual travel and tourism revenues could increase 89% over the next 10 years.
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