Hotel Room Rates Recover In 2010
Falling hotel room rates in the Middle East and North Africa (Mena) region, have led to higher occupancy rates, but industry experts are optimistic that there will be a slow and steady recovery in the sector by the end of 2010. Samir Daqqaq with Oetker Hotel Collection said “Hospitality is a volatile sector worldwide. During a slowdown it is the first one to be affected. But I think this is just a temporary phase or cycle and by the end of 2010 or first quarter of 2011, the revival will commence” Daqqaq is Senior Vice-President for Development, Mena at the € 9.2 billion (Dh46.34bn) company, Oetker Hotel Collection (OHK).
Analysts point out that hotel companies in the Mena region have not been affected as badly by the economic recession as their counterparts in the U.S. and Europe. According to findings from French research firm MKG Hospitality, hotel room rates recovered somewhat in 2009, but are now at par with 2007 levels.
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