Middle East Hotel Projects Decline
Published by Irhal
A Lodging Econometrics reports shows the number of planned hotel projects in the Middle East has decreased because of the global financial crisis. Lodging Econometrics is a US based hotel property research company. There were 124 hotel projects being developed in Dubai for a total of 48,855 rooms and accounting for 34% of all hotel projects in the region. The number of hotel projects in the Middle East…
The number of hotel projects in the Middle East dropped 14% to 477 from a high during the second quarter of 2008. The number of rooms fell 13% to 142,702 rooms. During the first quarter of the year 32 hotel projects accounting for 8,178 rooms were postponed or cancelled, and nine of these were in Dubai. Six of the projects were already under construction.
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