Gulf country’s add hotel project to pipeline
May 2- There are more than $140 billion worth of hotel projects under construction in Gulf Arab countries and only 19 percent of these projects have been suspended or cancelled because of the global slowdown, a recent survey said. Hotel development projects in Dubai have slowed and become more grounded, a topic likely to be discussed at this year’s Arabian Hotel Investment Conference (Ahic) which started yesterday and ends tomorrow.
Experts last year believed that some hotel projects would be postponed because some master-development projects in the region were put on hold. It also became clear that banks were cautious about funding new developments. Alasdair Maclean, a partner at Davis Langdon, spoke about new hotel projects during one of last year’s Ahic sessions. “It is not about becoming the most luxurious hotel operator with the most properties on the books anymore but the niche and mid-market. Funding is a big issue now” he explained.
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