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FinancialNews
04-10-17
UAE's hospitality industry is improving
(MENAFN) UAE's hospitality industry will continue to improve and develop over the next few years, in which will add more pressure on the smaller players which are already anxious due to harder competition from the bigger players on the price front, according to industry players.
Chief operations officer of Citymax Hotels, Russel GH Sharpe said, "Previously price was associated with the star rating and that line has been rubbed off now. We are seeing a lot of 4- and 5-star hotels selling at 3-star rates. So one wonders how this impacts performance and profitability of 5-star hotels if they are going to sell at 3-star rates".
And added, "Occupancies are softening here and no doubt that will continue to be the case, Hence it is going to be extremely challenging for smaller hospitality players to bear this pressure".
Dubai is followed by Abu Dhabi with 80 projects at an estimated value of USD6 billion. While the Northern Emirates region consisting of Ajman, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain has around 85 active hospitality projects valued at almost USD20 billion.
MENAFN0410201700450000ID1095919144
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