ME hotel bubble could burst by 2010
Tuesday, April 01 - 2008 at 10:16
The current hotel market bubble in the Middle East could burst by 2010 due to the region's over-reliance on GCC guests, according to Great Hotels Organisation, a global hotel sales and marketing company. This is possible due to the high demand for a limited number of rooms, meaning occupancy can be filled by these local markets alone. With hotel construction in the region being one of the highest in the world, however, the increased number of rooms available will cause intense competition for these regional guests, even if visitor numbers continue to rise. Adding to the situation are the high inflation levels in the Gulf, which may force industry and commerce to host their events outside the region, in areas like the Far East, where costs are much lower, GHO said.
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Jeff Florian, Senior ReporterTuesday, April 01 - 2008 at 10:16 UAE local time (GMT+4)
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