Dubai’s vibrant hotel industry shows no signs of slowing! According to a new survey, the emirate tops the ranks of the 11 global cities with the most hotel projects. With 97 upscale projects under development, according to the research by www.tophotelprojects.com, Dubai beats the likes of New York City at 43 and Las Vegas at 17. Collectively the UAE’s number of projects total 177, with 66 in Abu Dhabi and 14 in Ras Al Khaimah. The data was collated by the leading hotel research portal, from an analysis of more than 4,300 hotel projects worldwide.
"Dubai's hospitality sector continues to deliver good results in 2011,” Alex Kyriakidis, Global Managing Director for Tourism, Hospitality and Leisure at Deloitte commented in a report in Dubai’s Gulf News. “For the year to May 2011, STR Global reports Dubai occupancy at 79 per cent, ADR (average daily rate) at $239 (Dh877) and RevPar (revenue per available room) of $189, which is second only to Riyadh in the Middle East."
The news is positive for Dubai’s hotel market and moreover for investors in the industry. Developers like The First Group have been quick to see the city’s lucrative hotel potential, offering a number of opportunities to invest in this buzzing sector. This summer will see two new Hotel Apartment projects come online in Tecom, First Central and Grand Central…watch this space for more details!