Hotel Projects Will Resume
Work on new hotel projects previously postponed will probably resume as liquidity improves during the third and fourth quarter of this year. The global financial crisis reduced developers funding supply causing the delay of numerous projects in Dubai and elsewhere.
Executive Vice President at Jones Lang LaSalle Hotels said there will probably be an infusion of lending in the second half of 2009. Jelal Malkour said “Investors are more inclined to wait until the summer is over before showing any strong interest.” Lodging Econometrics Research estimate nine projects were cancelled in Dubai and six of these were in progress. During the first quarter of 2009 the number of cancellations and postponements in the Middle East leveled off to 32 representing 8,178 rooms.
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