Hotel Project Cancellations Slow

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.”