News Source: hotelnewsresource.com
Saudi Arabia Leads the World in Projected Hotel Supply Growth
News Source/Courtesy: hotelnewsresource.com

Saudi Arabia shows 73,057 rooms across the three phases of the hotel pipeline, and the country’s projected 67.1% increase in room supply over the next three years is the highest among the world’s 50 most populated countries, according to STR’s AM:PM platform.

Of the total rooms in the pipeline as of 11 March 2021, 16,965 were scheduled to come online over the duration of 2021. The 67.1% increase assumes completion of all projects in construction, final planning and planning.

“Saudi Arabia’s growth aspirations, along with the strength of other Middle East hospitality markets such as Qatar and the United Arab Emirates, is further validation that the region continues to emerge as a global tourist destination,” said Philip Wooller, STR’s area director for the Middle East/Africa. “Such growth is a testament to the strength and prospectus of the nation’s strong cultural and economic resources.”

While a significant portion of Saudi Arabia’s pipeline activity is concentrated in Makkah (28,052 rooms under development), several other submarkets across the country are expected to increase hotel supply by 50% or more.

1. Makkah: 28,052 rooms (+81%)
2. Saudi Arabia Regional: 13,996 (+80%)
3. Riyadh: 13,165 rooms (+75%)
4. Jeddah: 11,198 (+97%)
5. Al Khobar & Dammam: 5,418 (+47%)
6. Medina: 1,228 (+7%)

About STR

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.

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News Source: hotelnewsresource.com

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