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FINANCIAL NEWS
GCC hospitality market to increase by 7.6pct
24 Aug 2016
(MENAFN) The GCC hospitality market will increase by 7.6 percent CAGR from USD25.4bn in 2015 to USD36.7bn in 2020, despite slowdown in this year.
Accordingly, the key operating metrics of the sector is predicted to maintain under pressure in the short-term, basically in the UAE and Qatar.
Additionally, occupancy rates at hotels and serviced departments will grow by 3 percentage points to 70 percent and Average Daily Rate to grow at 1.4 percent.
Meanwhile, the markets of Qatar and the UAE are expected to show the fastest annualized growth of more than 10 percent from 2015 to 2020.
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