UAE Business: Branded hotel keys to see 15% rise in Saudi in 2022: report – Gulf Digital News

  • Date: 22-May-2022
  • Source: Gulf Digital News
  • Sector:Economy
  • Country:UAE
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UAE Business: Branded hotel keys to see 15% rise in Saudi in 2022: report – Gulf Digital News

The number of branded hotel keys in the Saudi Arabia will reach 69,300 by the end of 2022, marking a 15% increase compared to last year, said a Colliers report ahead of the Future Hospitality Summit (FHS) taking place in Riyadh on May 24-25.

Co-organised by The Bench, Meed, and Saudi-based Semark under the theme Reimagined Horizons, FHS Saudi Arabia at the Riyadh Airport Marriott Hotel will bring together government leaders, hotel investors, owners, developers, and operators to discuss the future of hotel development, destination impact, aviation, sustainability, restaurant investment and human capital.

The hospitality sector in Saudi Arabia is well on its way to recovery post pandemic. Events and campaigns such as Riyadh Season, along with growing consumer confidence in travel, have benefitted both Riyadh and Jeddah as key travel hubs in the Kingdom in the second half of 2021, and this is expected to continue having a positive impact on hotel demand in 2022. The forecasted occupancy for 2022 in Riyadh is 65 percent with 54 percent projected for Jeddah, representing a respective12 and 7 percent increase.

On the hotel supply side, Saudi Arabia saw a 4 percent increase in the number of branded hotel keys in 2021 with 60,400 keys