The organisers of the Arabian Hotel Investment Conference (AHIC 2015) held their annual Advisory Board Meeting at The Emirates Academy of Hospitality Management in Dubai, for hospitality leaders and experts to identify the untapped opportunities and key challenges for investors into the Middle East’s Hotel and Tourism sector.
The meeting was attended by over 40 of the most renowned regional and international names.
AHIC 2015 Board members agreed that untapped opportunities in the Middle East still involve the midscale and lifestyle select segments, as well as branded serviced apartments, the latter proving an increasingly attractive option for many hotel operators and investors. However, some of the speakers also highlighted the challenges present in some regions, where demand fluctuates and legal regulations impact progress.
An STR Presentation on the Middle East’s hotel performance and trends, which was shared with the Advisory board members on the day, showed that Dubai’s midscale and economy class hotel occupancy rates reached 88% this month, with other regions witnessing similar rates. As of July 2014, the Middle East has witnessed an increase of 5.5% YTD RevPAR and a 41% in the number of hotel rooms. The statistics also showed that the demand is currently higher than the supply by 2.5%. Occupancy rates were the highest in Dubai where it reached 78% and ADR was at $248. In the region, Manama enjoyed the highest RevPAR, where it reached +17.7% %.
Many of the Advisory Board members expressed a keen interest in updates provided on Egypt’s tourism and hospitality sector and concluded that Egypt should host a Regional Briefing in advance of AHIC 2015.
Source : WAM News Agency for United Arab Emirates
