Hotel Project Cancellations Slow
TRI Hospitality Consulting research shows that the number of hotel project cancellations or delays has substantially slowed over the past few months. During the second quarter of 2009 only 2 per cent of confirmed planned hotel projects have been postponed or cancelled compared to 28 per cent between the third quarter of 2008 and first quarter of 2009.
Over the last six months only 10 per cent of confirmed pipeline hotel have been delayed further since the opening dates were recorded in the first quarter of 2009. Between Q3 2008 and Q1 2009 33 per cent were delayed. Projections for total room supply in the GCC have fallen to 24,000 keys by 2010 because of cancellations and delays. Associate director of TRI cautioned that “the consolidation period for properties under development is not yet over as the fate of the properties on hold is largely undecided.”
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