By Elizabeth Broomhall www.constructionweekonline.com
The number of hotels in the pipeline for construction across the MENA region fell by 2,600 rooms from April to June according to a report released by Al Taameer Real Estate Investment this week.
Currently, just 455 properties totaling 126,310 rooms are due to be developed through North Africa and the Middle East, reflecting a significant drop in the numbers of people requiring hotel accommodation.
According to the report: “The MENA region has been witnessing a continued capacity addition for the past 18 months and is fast outpacing the demand.”
“The number of new rooms added increased at a year-on-year rate of 10.0% while the demand growth during the same period was 8.0%.”
Unsurprisingly, the UAE remains top destination for hotel projects, accounting for 50% of total projects active in the region, followed by Saudi Arabia.
And yet, among the big hotels currently under construction or due to be built in the GCC are the Mandarin Oriental Hotel Group’s Mandarin Oriental in Doha, Qatar, due to complete by 2014, and two new Hilton hotels, also in Doha, scheduled to open in 2012.
Meanwhile, Oberoi Hotel Group are expected to be opening new hotels in Dubai and Oman, in addition to two in Abu Dhabi, over the next 18 months.
Among those due to be handed over this year is the Hotel Missoni, which follows the footsteps of Gucci and Armani, and will open its first property in Kuwait this September.
