Riyadh Hospitality Market is Expected to Showcase High Growth on Account of Massive Increase of Mid-Market Hotel Brands: Ken Research

Overview of hospitality market within Riyadh, factors influencing the hospitality market in Riyadh region, current and future demand and supply, market insight and performance, key expected upcoming Hotel projects, key features and characteristics of Hotels in Saudi Arabia, average daily / monthly / annual rental rates and revPAR of hotels in Riyadh, Average daily occupancy rates of hotel in Riyadh, Riyadh hospitality market outlook, opportunities and future development trends, what gaps exist in Riyadh hospitality market, competitive analysis of major Hotels within Riyadh. The report concludes with recommended branded operators, Recommendations highlighting the success factors for developing luxurious resorts and Recommendations for construction of a 3 star Hotel. Case studies of Major Luxurious Resorts: Hyatt Palace, Double Tree –By Hilton, Mira Trio Hotel, Carawan Al Fahad Hotel, Al Mashreq Boutique Hotel, Business Inn Tahlia Hotel, Hotel Novotel (Riyadh), Ibis Riyadh (Olaya Street), Holiday Inn (Olaya Riyadh)

• In the near future, Saudi Arabia’s travel and tourism’s contribution to GDP is further anticipated to grow at a healthy average ranging between 6-7% per year over the next decade.
• The supply composition of hospitality market within Riyadh city will be highly imbalanced in terms of five star and four star hotel supply as the city is expected to see rising number of mid-market hotel brands.
• High outflow of foreign expats could create a negative impact on the country’s overall hospitality and tourism industry, especially over Riyadh in the near future as the capital city has majority of the hotel population.

Riyadh hospitality market is showing significant potential owing to improvement in tourism, surge in personal disposable income among Saudi Nationals, developing infrastructure capabilities, increasing influx of foreign guests and others. However there exists an imbalance, in the market equilibrium skewed towards supply of hotels in Riyadh.
Major upcoming developments such as KAFD (King Abdullah Financial District) and Entertainment City are also predicted to bring in multiple tourists attractions in the near future. Megaprojects will continue to keep growing, the KSA will continue to present hoteliers with opportunities to grow and to enhance their presence, by entering new brands in the market and expanding their portfolios to attract tourists at various price points.
Implementation of Saudization policy will limit the potential of foreign firms to expand as well as invest within Saudi Arabia because it has been mandatory to apply the Saudization system before expansion. As a result, it could restrict the influx of big international hotel brands, thereby creating a negative impact on the country’s hospitality and tourism industry.
Growth in MICE (Meetings, Incentives, Conferencing and Exhibitions) Business: Developments within the MICE business has been a key driver of rising tourism based statistics within the country and especially in Riyadh with approximately half of all the business events being hosted in the capital city. Whereas, religious based tourism is expected to drive hospitality and travel within the remaining KSA. In accordance with InterContinental Hotels Group, Riyadh is rapidly becoming an exhibition hub and is home to GCC’s newest entertainment shows and festivals.
Research Analysts at Ken Research in their latest publication “Riyadh Hospitality Market Outlook to 2023-Growth in MICE Business and Surge in Tourism Supporting Occupancy Rate of Hotel Industry” believe that further optimization of existing services like, improving restaurant quality, pet friendly premises, on site entertainment and addition if business Required Services Like, easy data transmission solutions and others, will drive prospective business and leisure tourist to choose hotel rooms.

For more information on the research report, refer to below link:
https://www.kenresearch.com/manufacturing-and-construction/real-estate/riyadh-hospitality-market-outlook/224715-97.html

Key Segments Covered:

By Type of Hotels
• One Star
• Two Star
• Three Star
• Four Star
• Five Star

Key Target Audience
• 5 star, 4 star and 3 Star hoteliers
• Investors in Hospitality Sector
• Hospitality Industry Associations
• Government/Regulatory Authorities
• Ministry of Tourism

Time Period Captured in the Report:
• Historical Period: 2013-2018
• Future Forecast: 2019-2023

Case Studies Covered:

• Hyatt Palace
• Double Tree –By Hilton
• Mira Trio Hotel
• Carawan Al Fahad Hotel
• Al Mashreq Boutique Hotel
• Business Inn Tahlia Hotel
• Hotel Novotel (Riyadh)
• Ibis Riyadh (Olaya Street)
• Holiday Inn (Olaya Riyadh)

Key Topics Covered in the Report
• Factors Influencing the Hospitality Market in Riyadh, KSA
• Demand and Supply Analysis for Riyadh Hospitality Sector
• Riyadh Hospitality Market Insight and Performance
• Key Expected Hospitality Projects in Riyadh
• Key Features and Characteristics of Hotels in Saudi Arabia
• Average Daily / Monthly / Annual Rental Rates And RevPAR of Hotels in Riyadh
• Average Daily Occupancy Rates of Hotel in Riyadh
• Riyadh Hospitality Market Outlook, Opportunities and Future Development Trends
• Does the Landscape of Hospitality in Saudi Arabia is Forecasted to be Positive and Encouraging to Invest in this Sector?
• What Gaps Exist in Riyadh Hospitality Market?
• Recommendations Regarding Success Factors of Developing Hotels
• Recommended Branded Operators for Hospitality Sector in Riyadh
• Recommendation for Construction of 3 Star Hotels in Riyadh
• Competitive Analysis of Case Studies within Riyadh Hospitality Market
• Case Studies of Major Hotels in Riyadh

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