Challenges are numerous as we progress in certain cities with new projects whereby the cost of construction is key.
We expect to see further activity in the luxury segment as a result of expanding strategic interests and global business outreach efforts of many markets in the region where we currently operate.
In the Middle East, the UAE leads the projects under development in the region, with a total of 50,000 new rooms under construction.
We are looking at expanding our presence in new markets such Algeria, Morocco and Tunisia, in North Africa.
Preferred Hotels & Resorts appointed Nicolas Villemin as regional director for the Middle East & North Africa
He joins Preferred Hotels & Resorts with 20 years’ industry experience and has spent more than ten years working in the Middle East.
Average return on a hotel room in the first half of this year grew by 20 percent compared to the first half of 2017.
Investment in the travel and tourism sector reached USD 44 billion in 2017, with forecasts suggesting it will almost double in the next 10 years. Hospitality News ME spoke to two industry consultants to learn more about what’s driving investment in the region and where investors are putting their money