Qatar serviced apartment sector set for growth

George Sell George Sell Uploaded 12 February 2016

LinkedIn

Qatar: Qatar’s hotel and serviced apartment segment is forecast to grow 27 per cent to 23,086 keys by the end of 2016, according to Colliers International.

Speaking at the Arabian Hotel Investment Conference business briefing, in partnership with Katara Hospitality, at the Sharq Village & Spa Resort in Doha, Filippo Sona, director, head (Hotels) at Colliers International Mena, said Doha's hotel supply totalled 15,760 keys, and another 2,366 keys in the serviced apartment supply in 2015.

Citing the Doha Full Year 2015 Review from Colliers International, Sona said a total of 1,460 keys opened in 2015 (from 14,300 in 2014), despite a slowdown on corporate demand due to low oil prices.

"Doha is predominantly a business destination, with the corporate segment accounting for more than 60% of the hotel demand. Due to a dip in oil prices and slowing economic activity, Doha experienced a slow growth in corporate demand in 2015. This trend is expected to continue in the coming year, with Doha's hotel RevPAR (revenue per available room) forecast to decrease by 4% in 2016," Sona said.

He highlighted the opportunity for developers to focus on serviced apartments and midscale hotels: "The limited presence of these asset classes in Doha offers owners and investors a potential opportunity to target this market gap."

Colliers' late report on the region said serviced apartments present "an opportunity to attract more expatriates to the country, and would also appeal to leisure GCC guests".

www.colliers.com

LinkedIn

Be in the know.

Subscribe to our newsletter »
Subscribe

Thank you sponsors