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DUBAI PROPERTY MELTDOWN Hotel Sector Sees Knock-On Effect

Category: Hotels, Posted:05 Feb 2010 | 06:00 am

Dubai's fortunes have taken a decided turn for the worse as the hotel sector is reportedly attributing the crash and burn of the real estate market to have a profound effect on hospitality trading levels. Back of December 2009 figures released by STR Global the market suffered a whopping year on year slump in RevPAR of 31.4% over 2008.
During the boom years property buyers, consultants, developers, lawyers, and financial institutions were a significant segment for the hotels, but that has all come to an abrupt fall. Hotels are now looking to create a healthier market mix but while global long haul remains challenging, they are now competing with a much larger playing field.
It's interesting to note that the one Middle East market defying the trend is long suffering Beirut, which according to STR Global saw December RevPAR increase by 62.1% and occupancy up by 27.5% over the previous year.

Other News

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Khao Lak Hotel Supply Continues To Expand

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Minor’s Bill Heinecke Speaks Out About Chinese Return

Category: Hotels, Posted:21 Oct 2020 | 11:40 am We had a candid conversation a few days ago with Minor International’s Founder and Chairman Bill Heinecke about Thai tourism. Two key takeaways from the conversation were: The Asian financial crisis of 1997 was a walk in the park compared to the damage to the Thai economy during Covid-19. Thailand must find a way to […]