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LE's Middle East Pipeline Report, H1 2008 |
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The Total Construction Pipeline for the Middle East reached a new record high of 556 projects/164,259 guest rooms as of the end of Q2. |
• The Total Construction Pipeline for the Middle East reached a new record high of 556 projects/164,259 guest rooms as of the end of Q2. Pipeline counts have seen moderate incremental growth over the last four quarters, indicating that the Pipeline is not yet as seriously impacted by the lending crisis and global economic slowdown as it is in other regions.
• Both Under Construction, at 246 projects/71,240 rooms, and Scheduled Starts in the Next 12 Months, at 181 projects/50,555 rooms, hit new highs in Q2. Early Planning totals saw a minimal decrease from Q1's peak to 129 projects/42,464 rooms in Q2.
• With 53% of the region's Pipeline projects and 61% of rooms, the United Arab Emirates (UAE) is entrenched in a once-in-a-lifetime, development surge that will double Current Hotel Supply through 2010. Over 80% of this UAE development is centered in Dubai and Abu Dhabi.
• At 162 projects/59,950 rooms, Dubai has 36% of all rooms in the Middle East Pipeline. Dubai's Pipeline is larger than any other global metropolitan city, including New York, Las Vegas, London, and Shanghai.
To view the entire LE Lodging Construction Report for the Middle East, including graphics and the Forecast for New Hotel Openings, please click here.
Lodging Econometrics (LE) of Portsmouth, NH is the global authority for hotel real estate. LE conducts Supply Side research for all markets, developers and brands and companies in: U.S., Canada, Mexico, Central America and the Caribbean, Europe, Asia, Middle East, South America, and Africa.
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