gcc
How Major Sporting Events Are Spurring Growth in the GCC
Hala Matar Choufany | May 19, 2023
The UAE, KSA and Qatar have been major players in shaping the region’s tourism industry, helping to reposition the region to accommodate millions of tourists who are seeking alternative experiences. The race to reach world-class status did not stop at state-of-the-art buildings, modern legislation, FDIs and ease of setting up businesses in a stable environment. The desire to differentiate these destinations and offer exceptional tourist experiences was witnessed at the Expo 2020 event in Dubai, as well as Qatar being awarded the 2022 World Cup and the Kingdom of Saudi Arabia securing the Olympic Asian Winter Games in 2029. Such events have ...
GCC Countrywide Hotel Performance Indicators
HVS | October 16, 2018
GCC countries have supported and grown inbound tourism in the last 15-20 years. The GCC region continues to drive growth and investment opportunities and HVS remain confident that accommodated room night demand will grow despite the aggressive development pipeline. GCC Countrywide Occupancy Historic (1998-2017) and Forecast – 5 Year Average 5 Year Average GCC Countrywide Occupancy with HVS Forecast Source: HVS Research A number of demand generators will induce additional room nights in each of the GCC countries over the next 5 and 10 years. Specifically, we forecast occupancy in Qatar to average 66% on account of the ongoing deve...
GCC Hotel Development Cost Trends
HVS | October 11, 2018
Analyzing historical trends, the key reason behind escalating costs per key continues to be low in efficiency and utilization of space. Price per sqm of total built up area remains largely the same and therefore it is crucial that any design optimizes the turnover per sqm of built areas. HVS provides an indicative reasonable range of BUA per asset type. Hotel Development Cost Source: HVS Research With the exception of Budget & Midscale Hotels which focus on efficient & flexible design, development cost per key for all other hotel classes have increased between 10%-20% since 2013, resulting in lower project returns. We consider ...
