(MENAFN- Gulf Times) Some 125 hotel establishments are currently under construction in Qatar, which on completion will increase the level of stock to approximately 35,000 room keys, Global real estate company DTZ has said in a report.
There was a significant increase in tourist numbers recorded by the Qatar Tourism Authority with hotel occupancy rates increasing from 65% in 2013 to 73% in 2014.
The Qatar National Tourism Sector Strategy Plan: 2030 (QNTSSP 2030) was published in February 2014. The plan outlined public and private investment of $45bn on tourism projects with a view to increasing tourist numbers from 1.1mn in 2013 to 7mn by 2030.
QNTSSP 2030 also aims to diversify the tourism sector, which relies heavily on business related travellers and visitors from GCC countries, particularly Saudi Arabia. The plan aims to increase visitors from outside the GCC to 64% by 2030.
In Q4, 2014, DTZ identified some 108 hotels and serviced apartment hotels, which are rated between 2-star and 5-star. These establishments provide the tourism sector in Qatar with approximately 16,700 rooms, of which 85% are either 4-star or 5-star.
Despite the number of hotels being built, 2014 saw a slowdown in new hotels coming to the market. There were no major hotel openings throughout the year, although The Kempinski Marsa Malaz on the Pearl-Qatar opened in January 2015.
The slowdown in new hotel openings combined with the increase in tourist numbers resulted in a jump in occupancy levels in the past 12 months.
Despite the recent performance, DTZ expects occupancy levels to come "under pressure again" in the near future with up to 4,000 new hotel rooms scheduled to come to the market over 2015 and 2016. "Occupancy levels are likely to be tested further in the medium term as the supply of hotel rooms continues to increase to meet Qatar's FIFA 2022 obligations," DTZ said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.