628 hotel projects under contract in Middle East and Africa
Thursday, 25 September 2014 00:47
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As many as 628 hotel projects are currently under contract in the Middle East and Africa (MEA) region and together they will add 147,454 rooms into the booming hospitality sector, said a report.
The ‘under contract’ data includes projects in the ‘construction, final planning and planning’ stages but does not include projects in the unconfirmed stage, stated leading research group STR Global in its Construction Pipeline Report for August.
Among the key markets in the region, Jeddah, Saudi Arabia, reported the largest increase in existing supply. It will register over 115.7% growth if all 7,396 rooms under contract open, the report said.
Four other markets reported more than 50% expected room growth: Riyadh, Saudi Arabia (over 113% with 10,095 rooms); Doha, Qatar (over 79.7% with 10,828 rooms); Lagos, Nigeria (over 63.3% with 2,397 rooms); and Muscat, Oman (over 55.6% with 3,006 rooms), said STR Global, which provides a single source of global hotel data covering daily and monthly performance data, forecasts, annual profitability, pipeline and census information.
