The required Sharia hotels for Europe would be in total 352 houses to serve this segment. "We will start with 20 hotels in Europe this is less than 6% of EU market and required $800.000m," added Mr. Michael Sacks.
"The Muslim traveler market is increasing around the world due to the increasing wealth in their communities combined with conscious lifestyle living which represent ten per cent of the world tourism market, and is one of the fastest growing segments. Their average spend is ten to fifty per cent higher than that of the average leisure or business traveler. The bottom line is that conscious lifestyle tourism is expected to grow at a rate of twenty per cent per annum, five times more than the average traditional market segment," commented Mr. Michael Sacks. He also added there is a big demand for the future.
Mr. Michael Sacks Company Portfolio in UK and US is expecting a strong market placement and big possibilities of this Hotel chain which will be a state of the Art Facility under the first Sharia complaint hotel management company in the world. It is Mr. Michael Sacks first involvement to Invest in Dubai.
The Vice President of Venatol Dubai, Dr. Barbara Urasch, says:
"We are very proud to be a part of this very strong structure to bring hotels that comply by set of rules and standards that has an Islamic guidance to hotel design and services. These are usually approved by the Sharia Board Committee, generally focuses on social and cultural aspects to the hotel and guests."
The assumption that Europe will attract 80% of Muslim international traveler, then inbound target market is expected to be 4 million visitors annually. This will constitute 12 million room nights demand.