Oman Wires It's all about Oman
‘The majority of this supply is expected in Muscat (1,200 rooms),’ stated the Colliers MENA Review.
The report added that in Q2 2019, the only notable branded hotel opening in the respective markets was the entry of W Muscat (279 rooms). However, year-on-year figures show that a total of 1,081 rooms have been introduced into all the markets with Muscat once again getting the highest improve in provide.
It mentioned that the year-on-year modify in branded hotel provide from H1 2018 to H1 2019 was nine per cent in Muscat, six per cent in Amman, 3 per cent in Kuwait City and Manama 1 per cent.
Colliers’ efficiency outlook expects each Kuwait City and Amman to register declines in Revenue per Available Room (RevPAR) for 2019.
‘Inversely, Manama is expected to witness a six per cent RevPAR growth while Muscat is expected to remain relatively stable.’
The report added that in H1 2019, Manama was the only marketplace to register a year-on-year improve in RevPAR. This improve was driven by occupancy rather than price due in component to a expanding corporate demand following the discovery of new oil reserves in 2018. ‘A notable highlight in the efficiency of all the markets has been the decline in typical price due to uncertainty in macro-financial circumstances.
‘This uncertainty has led to increasing price sensitivity across each of the market’s respective demand segments.’
Mid-marketplace hotels
Oman’s Ministry of Tourism has produced a push for mid-marketplace hotels signing a US$11.7mn deal (RO4.5mn) to create and construct new hotels, restaurants and resorts across the nation.
‘A significant focus of the projects is the development of three-star hotels in outlying regions. In addition, the project is expected to offer employment opportunities, and assist in the economic development of the country as well further development of the tourism sector.’
Information Source: Muscat Daily
