GCC hotels to see occupancy rates climb to 73% by 2016: study
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GCC hotels to see occupancy rates climb to 73% by 2016: study

GCC hotels to see occupancy rates climb to 73% by 2016: study

According to a report by Kuwait Financial Centre (Markaz), revenues earned by hotels across the GCC are projected to surge to $24.92bn by 2016, up from $17.83bn at the end of 2011, Oman Daily Observer has reported. Room occupancy, currently averaging around 68% for 2012, is expected to climb to 73% by 2016, the report said. "There are several growth factors driving the hospitality industry in the GCC but international tourism has to be the most significant one," Markaz said. "The GCC region is home to some of the finest hotels in the world and people visit the region for niche tourism offerings such as cultural, religious tourism as well as sports and event based tourism."

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