Qatar's Hospitality Sector Continues Solid Performance, Sees Revenue Growth In 2024

(MENAFN- The Peninsula) Deepak John | The Peninsula

DOHA: The hospitality sector emerged as a standout performer, supported by a well-structured events calendar that sustained visitor inflows. The annual occupancy rates remained above 66% even during the typically slower summer months, showcasing Qatar's strategic efforts to position itself as a year-round destination.

Qatar aims to welcome above 5 million tourists by 2025, projecting a 5% rise in visitor numbers. The report noted, Swissotel Corniche Park Towers, initially planned for a late 2024 launch, are now expected to commence operations in early 2025. Andaz Hotel West Bay is set to debut in Q1 2025, while The Doha Edition and Corinthia Hotel are also anticipated to welcome guests during the year. Collectively, these projects will introduce over 1,100 hotel keys to the market in 2025, noted the Real Estate Research Review '24/'25 Outlook by ValuStrat.

The total foreign arrivals reached more than 1.6 million, indicating a 40.1% increase YoY. Around 48% of foreign arrivals were from the GCC, followed by Europe at 23%, and other Asian countries (including Oceania) at 15%, As per Qatar Tourism, the estimated total hospitality stock was 39,715 keys (74% hotel rooms, and 36% hotel/serviced apartments) in first quarter of last year.

The notable openings during the quarter included Millennium Place (150 keys), Rixos Premium Qetaifan Island North (378 rooms), and Riviera Rayhaan along Salwa Road (185 keys). Qatar Airways launched a luxury desert resort in Ras Abrouq in collaboration with Our Habitas. The premises comprised 42 villas offering a range of one to four bedrooms

The hotel occupancy stood at 75%, which was up by 38% YoY. The Average Daily Rate (ADR) for 5-star hotels was QR645, and for 3 to 4-star hotels was between QR250 and QR300.

In the second quarter, the total hospitality stock estimated by Qatar Tourism was 39,915 keys (74% hotel rooms, and 26% hotel/services apartments). Mercure Grand Hotel Doha (175 rooms) was re-branded to Treffen House Doha in Mushairab (Zone 4).

The Ministry of Municipality and Environment announced the Simaisma Project, a mega entertainment district spanning 8 million sq m. The project will feature luxury resorts, an amusement park, residential villas, a yacht club, a marina, a golf course, restaurants, and shops.

As of June 2024, the Average Daily Rate (ADR) was QR454, marking an increase of 7% YoY. Whilst, the Revenue Per Available Room (RevPAR) was QR312, up by 38% yearly. The hotel occupancy rose by 29% compared to last year and stood at 69%.

The total hospitality stock estimated by Qatar Tourism was 40,053 keys in the third quarter of 2024.

Around 67% of the total stock comprised 4 to 5-star hotels, whereas 7.5% was classified within the one to three-star segments.

As of YTD September, the Average Daily Rate (ADR) was QR430, an increase of 6% YoY. Whilst the Revenue Per Available Room (RevPAR) was QR284, marking a rise of 30%. The ADR for 5-star hotels was QR603, while the ADR for 3 and 4-star hotels was QAR 195 and QR243 respectively. The hotel occupancy was measured at 66%, registering an increment of 23% YoY.

The Grand Tours visa introduced by the GCC is expected to come into effect by the end of the year allowing for free travel within the six Gulf countries.

Meanwhile in the fourth quarter of last year, The total hospitality stock estimated by Qatar Tourism was 39,828 keys. 67% of the total stock comprised 4 to 5-star hotels, whereas 7.5% was classified within the one to three-star segments.

The average hotel occupancy was at 67%, an increase of 15% yearly. As of YTD December, the Average Daily Rate (ADR) was QR428, an increase of 5% YoY. Whilst the Revenue Per Available Room (RevPAR) was QR285, marking a rise of 21%. The ADR for 5-star hotels was QR602, while the ADR for 3 and 4-star hotels was QR193 and QR240 respectively.

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