June 22 – Riyadh is leading the hospitality market in Saudi Arabia, said a report released by real estate investment and advisory firm, Jones Lang LaSalle (JLL). According to the report, occupancy levels for good hotels went up to 69 per cent at the end of the second quarter this year. This is a 7 percent increase from last year’s occupancy rate of 62 percent.
“Business and government travellers drive the quality hotel sector in Riyadh. As government budgets increase and more foreign businesses identify Saudi Arabia as potential for long-term growth opportunities, demand from these sectors will continue to drive occupancy levels,” said John Harris, Head of JLL Saudi Arabia.
There are 10,000 hotel rooms in Riyadh which makes up for 8.7 percent of the total number in Saudi Arabia, said the report.
