The rate at which hotels are being cancelled or delayed has slowed considerably in recent months. According to research by TRI Hospitality Consulting, during the second quarter of 2009 only 3% of confirmed pipeline hotel keys in the GCC have been put on hold or cancelled, compared to 28% in the period from Q3 2008 to Q1 2009. Furthermore, only 10% of confirmed pipeline hotel keys have been subject to delays over six months, or subject to further delays, since the opening dates recorded as at Q1 2009. This is in comparison to the 33% from Q3 2008 to Q1 2009. In the past nine months the projections for total room supply across the GCC in 2010 have dropped by 24,000 keys, due to cancellations and delays. Total supply in 2010 is now estimated at 327,355 keys, this is equivalent to a 6.8% reduction in total room supply expected by 2010, compared to projections in Q3 2008.
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