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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.
"Despite the combined cancellations and delays since Q3 last year, there have also been some new hotel announcements during this period. However, the consolidation period for properties under development is not yet over as the fate of properties on hold is still largely undecided,"
said Emma Davey, Associate Director, TRI Hospitality Consulting.
Posted by Nadeen El Ajou
