Tuesday, 06 June 2023 05:50 GMT

Around 4,500 additional hotel rooms set to be supplied this year

(MENAFN) Nearly 4,500 additional hotel keys are estimated to be supplied to the market during this year, with most aiming opening dates in the July-September period, as said by a report by Cushman and Wakefield.

This additional keys, joint with current hotel supply, and examined apartment supply is anticipated to provide around 37,000 keys, or 45,000 rooms for the World Cup, the report also mentioned.

According to the report “We expect tourism from global markets to grow significantly in the next five years, while the return of the Saudi market will also boost tourist arrivals. Strong growth in tourism numbers will be required to support occupancy rates and revenues as supply continues to grow.”

Adding "Overall occupancy rates fell for the year to April fell from 61 percent to 44 percent and remained on par with May 2021 at 58 percent; however, the statistics for 2021 excluded a substantial number of hotels that were utilized as quarantine facilities throughout the year,"


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.