| London (6 October, 1999) -- HVS International has announced
the publication of its third Middle East Report which identifies trends
and opportunities in the region for 1999. The report reports on a
sample of 119 first-class hotels of which almost 92% are members of an
international hotel chain. These hotels represent more than 35,000
rooms throughout the Middle East region.
�1998 proved to be a disappointing year for first-class hotels in the
Middle East�, said Seamus O�Loughlin, an associate director at HVS International
with responsibility for HVS�s work throughout the region. The report
states that region-wide occupancy in 1998 decreased by five percentage
points to 61% while the average rate remained at the level reported for
1997 (U.S. $97). �This was largely due to a fall in oil prices which
has depressed the Middle East�s economies in the past year; however, this
should encourage privatisation, diversification and possible foreign investment,
all factors that could have a major positive impact on the hotel industry�,
said O�Loughlin. �Middle Eastern governments which are seen to be
committed to promoting their tourism industries include Dubai and Beirut
and will stand to gain most from this initiative.�
The 1999 report highlights that the success of the peace process will
dictate the pace of growth of the leisure sector in the region and that
hotel development will expand as markets continue to mature. The
report also indicates that, while the short term is somewhat subdued, in
the medium to longer term, the region�s quality hotels can expect to achieve
sustainable growth as investment in infrastructure and promotion lead them
positively into the next millennium.
Operating worldwide, HVS International has seven offices
in North and South America (New York, San Francisco, Miami, Colorado, Vancouver,
São Paulo and Mexico City), with the London office responsible for
work carried out throughout Europe, the Middle East, Africa, Asia and Australasia.
There are also two HVS International offices in Asia: in Singapore
and New Delhi, both the responsibility of the London office. HVS
International is renowned for (literally) having �written the book� on
how to value hotels. HVS international are specialists in hotel
valuation, property and consultancy services, advising hotel companies,
financial institutions, developers and investors on all aspects of their
hotel-related interests. |
