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Four out of 14 Rezidor Group hotel projects delayed

Kurt Ritter, president and chief executive of the Rezidor Hotel Group has said the firm has seen the delay of four out of 14 hotels in the pipeline for the Middle East, Gulf News has reported. A Park Inn property in Egypt, two hotels in Saudi Arabia and one in the UAE are delayed, Ritter said. In light of the Eurozone crisis, the company is shifting its focus to the growing Middle East where it hopes to achieve about 65% occupancy across its properties, he said. "Now there is oversupply and it's not wise to take any commitments there [in Europe], so we are looking at the Middle East, Africa and Russia, that is our strategy for the time being."