Riyadh – Mubasher: There are about 163 new hotels lined up to open in Saudi Arabia over the coming few years that will add more than 72,600 keys, according to a report by Top Hotel Projects.
About 40 hotels comprising 12,500 rooms are expected to be completed this year, of which 13 projects are in the pre-opening phase.
Saudi Arabia’s hospitality market will witness the operating of 42 hotels that will provide over 24,000 keys in 2022.
As for 2023, there are nearly 23 developments under preparation that will add 12,440 hotel rooms. Starting 2024, the Kingdom is expected to see the opening of 54 hotels that will accommodate 23,600 keys.
Riyadh is topping the Saudi cities in terms of hotel numbers with more than 41 facilities that will add above 9,500 rooms in the coming years, followed by Jeddah with 38 hotels that will provide 9,400 keys.
A recent report by Colliers showed that the average daily rate (ADR) levels in Saudi Arabia’s hospitality industry grew 9.5% during the first quarter (Q1) of 2021 compared to the same period last year, despite the slow recovery in occupancy rates.
