Qatar’s $65bn commitment to infrastructure development has proved to be a major incentive for long term investment by leading hospitality providers, according to market analysts.
The country is entering a sustained decade-long period of development and growth, with over 85,000 new hotel rooms set to bolster current inventory by 2022. Alpen Capital’s October 2012 GCC Hospitality Industry Report highlighted the ‘slow but steady’ growth in tourism receipts, which saw a compound annual growth rate (CAGR)of 15.9 percent in the period 2002 to 2011.
“Tourist arrivals in Qatar are expected to rise at a CAGR of 1.9 percent between now and 2022, and the government’s $65 billion commitment to infrastructure development has proved to be a major incentive for long term investment by leading hospitality providers,” said Mark Walsh, Portfolio Director, Reed Travel Exhibitions.
In 2012, the capital added to its upscale inventory, with the opening of the St Regis Doha and new InterContinental Doha The City, as well as the country’s first Hilton hotel. A second Four Seasons hotel is currently under development and budget brands are making an appearance with the popular Premier Inn chain debuting on the city outskirts later this year. Currently the luxury segment accounts for between 66 and 78 percent of supply while, mid-scale and economy supply is between 22 and 34 percent.
Read more: http://www.gulfbase.com/news/qatar-s-core-sector-spending-a-fillip-to-tourism-sector/228772
The country is entering a sustained decade-long period of development and growth, with over 85,000 new hotel rooms set to bolster current inventory by 2022. Alpen Capital’s October 2012 GCC Hospitality Industry Report highlighted the ‘slow but steady’ growth in tourism receipts, which saw a compound annual growth rate (CAGR)of 15.9 percent in the period 2002 to 2011.
“Tourist arrivals in Qatar are expected to rise at a CAGR of 1.9 percent between now and 2022, and the government’s $65 billion commitment to infrastructure development has proved to be a major incentive for long term investment by leading hospitality providers,” said Mark Walsh, Portfolio Director, Reed Travel Exhibitions.
In 2012, the capital added to its upscale inventory, with the opening of the St Regis Doha and new InterContinental Doha The City, as well as the country’s first Hilton hotel. A second Four Seasons hotel is currently under development and budget brands are making an appearance with the popular Premier Inn chain debuting on the city outskirts later this year. Currently the luxury segment accounts for between 66 and 78 percent of supply while, mid-scale and economy supply is between 22 and 34 percent.
Read more: http://www.gulfbase.com/news/qatar-s-core-sector-spending-a-fillip-to-tourism-sector/228772
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