Middle East hotel investors, owners, consultants and operators have claimed strong market fundamentals and attractive investment opportunities on the horizon will create a positive outlook for 2017.
In the lead-up to the 13th edition of the Arabian Hotel Investment Conference, key speakers and sponsors at the annual knowledge platform and networking event revealed their forecast for the year ahead, a press statement said.
The experts acknowledged that while aspects of both development and operations were challenging in 2016, the market remains robust with investment potential.
HotelServices Middle-East and Africa chief operating officer Olivier Granet commented: “Despite the oil price, the spotlight on elections globally and otherwise volatile regional conditions, our key partners in the region still identify in present market conditions attractive opportunities to invest. Investors may be cautious with their real estate investments in light of RevPAR contractions across certain markets in the region, however, many markets in the region are just beginning to mature and still represent attractive investments across many asset classes.”
Katara Hospitality chief executive officer Hamad Abdulla Al-Mulla said: “The Middle East hotel market remains a vibrant and exciting one for investors. The region’s fundamentals are strong, making it an attractive investment destination. In Qatar for example, the outlook for the hotel industry is especially promising. According to the Ministry of Economy and Commerce, in 2015, income from tourists amounted to QAR18.3 billion, nine-times the QAR2.1 billion recorded in 2010, demonstrating the clear opportunity for proven investors like Katara Hospitality in the region.”
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