FINANCIAL NEWS

Riyadh to see 79.4% hotel sector growth in 2012: Report

24 Mar 2012

(MENAFN) A report issued by STR Global expected Riyadh to see a hotel boom up to 79.4 percent in the event of completion of all rooms in its construction pipeline, Arabian Business reported.

The February 2012 STR Global Construction Pipeline Report said there are currently 498 hotels totaling 134,893 rooms in Middle East/Africa development pipeline.

Last month, it was reported that Saudi Arabia was the best performing market for hotel tourism growth in 2011, while Arab Spring violence saw occupancy levels and room rate levels plummet in Bahrain, Lebanon and Egypt.

Makkah and Madina topped the list of Saudi cities, while the political turmoil across the region had an impact on other Gulf and Arab hotspots.

Bottom of the list was the Bahraini capital of Manama, where occupancy levels fell to 32 percent and average room yields slumped by 85 percent.

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