Travel Accommodation in Saudi Arabia - New Market Research Report

From: Fast Market Research, Inc.
Published: Tue Oct 14 2014

Saudi Arabia’s hotels are seeing strong growth, backed by two important factors. Firstly, the country is home to the two holy cities of Makkah and Medina, which attract a large number of pilgrims every year. Continued growth in the number of pilgrims each year is leading to massive expansion plans by the current hotels, as well as the arrival of new hotels, both chained and unchained. Secondly, the thriving oil-based economy is seeing a boom in business activities, mostly in the capital Riyadh and the Red Sea city of Jeddah. Frequent business trips to the country by investors and organisational members are paving the way for the development of more hotels and serviced apartments. This has had a strong impact on the overall occupancy rate, which rose to an average of 60% in 2013. The average daily rate is constantly on the rise, as demand is outstripping supply. Another factor which is contributing to the strong performance of hotels is the large domestic tourism market, with domestic tourists spending SR8.2 billion on accommodation in 2013. These factors contributed to the stronger growth of travel accommodation in 2013.

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Industry Prospects

Hotels are expected to perform well over the forecast period, with a value CAGR of 4% at constant 2013 prices. The total number of rooms is expected to reach 185,000 by 2018, growing by a CAGR of 6%. Growth will be driven by strong growth in the number of pilgrims arriving for religious tourism, thanks to the ongoing expansion of the two holy cities of Makkah and Medina. The positive economic outlook for the country, on the other hand, will be the key driver of business tourism, hence leading to growth in hotels in other cities, particularly in the capital Riyadh. Strong growth will encourage the development of more hotels. A number of international chains, such as Hilton, Hyatt Group, Intercontinental Saudi Arabia Hotels, Starwood and Marriott, have finalised plans to add more hotels in the country in the next five years.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Travel Accommodation industry in Saudi Arabia with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Travel Accommodation industry in Saudi Arabia, our research will save you time and money while empowering you to make informed, profitable decisions.

The Travel Accommodation in Saudi Arabia market research report includes:

* Analysis of key supply-side and demand trends
* Detailed segmentation
* Historic volumes and values, company and brand market shares
* Five year forecasts of market trends and market growth

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