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FINANCIAL NEWS
Qatar posts 12% surge in high-end hotel revenues in 2010
23 Jan 2011
(MENAFN) Ahmed Abdullah Al Nuaimi, Chairman of the Qatar Tourism Authority (QTA), revealed that during 2010, revenue for four and five start hotels in the country hit $639 million, up from $570 million, year on year, registering a 12 percent climb, Arabian Business reported.
According to Al Nuaimi, the mentioned rise was attributed to a surge in occupancy rates, up from approximately 50 percent in 2009 to around 60 percent in 2010, whereas the number of luxury hotel rooms in the gas-rich emirate increased from 6,819 rooms to 7,422 rooms, a rise of 9 percent.
Official QTA data showed that the Opec member is expected to build 140 hotels as part of its $50 billion plan to overhaul infrastructure in time for the 2020 FIFA World Cup. The increase in the number of rooms to 90,000, will result in an investment of around $17 billion over the next five years.
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