Growing numbers of hotels are also looking to get involved in the flexible space boom, transforming underused spaces in communal areas or outdated business centers into modern, vibrant coworking spaces.
In 2018, hotel transactions exceeded 700 deals for a total valuation of $29.5 billion, according to STR's Hotel Transaction Almanac.
Accor and Marriott International maintain the top room counts among parent companies operating in in the Middle East, according to STR. As part of the STR 500, the company will release the top 50 companies and brands in the Middle East during this weeks Arabian Hotel Investment Conference (AHIC) in Ras Al Khaimah.
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source now provides the basis for our illustrated total development costs per room/per product type.