The Middle East represents one of the world’s best long term investments for global hoteliers, despite the economic downturn which has seen occupancy rates drop, according to a hotel chain chief.
Harmit Singh, chief financial officer of Global Hyatt Corporation, which has more than 700 hotels across the world, said the hotel group planned to add new properties in Qatar, Saudi Arabia and the UAE.
“The Middle East, and Arabian Gulf in particular, represents a solid investment opportunity for long term thinking companies in the hospitality industry,” he said.
“We plan to continue to work closely with our regional partners and individual property owners, to ensure that Hyatt and our partners are able to maximise their long term investments, even in tough global economic conditions,” he added.
Occupancy figures from travel research firm Smith Travel Research (STR) Global show hotel demand feel sharply in the cities of Dubai, Kuwait and Manama in October. In Dubai, where growth has remained steady, rates dropped 4 percent in October and 4.2 in September.
Follow us on
