81 new hotels accounting for 17,736 rooms opened in 2022, according to Lodging Econometrics
Hotel development in the Middle East is ramping up as investors begin to see opportunity in the region again, according to the Q4 2022 Middle East Construction Pipeline Trend Report from Lodging Econometrics (LE).
The report said New Project Announcements (NPA) in the region continued to trend upward throughout 2022 closing fourth quarter 2022 with 67 new projects housing 19,837 rooms, an increase of 56 percent year-on-year (YoY).
The fourth quarter also witnessed 33 new hotels accounting for 6,452 rooms open in the region. Overall, 2022 saw a record number of hotels openings with 81 hotels accounting for 17,736 rooms.
The LE forecast for new hotel openings in 2023 is 123 new hotels/30,113 rooms while 116 new hotels/29,085 rooms are forecasted to open in 2024.
Source: www.zawya.com
