(Entertainment-NewsWire.com, October 17, 2019 ) Saudi Arabia hotel market has grown significantly in recent years and is expected to continue growing in the forecast period. With significant demand for leisure, corporate, and religious visitors, Saudi Arabia has lured many international and national hotel chains. The Saudi Arabia hotel industry is driven by rapid economic growth, the development of real estate projects investment, and Constructions. Besides, the growing tourism demand in the country has played an essential role in the accelerated growth of the tourism industry as well as the hotel industry. The Kingdom has also project to grow the number of Hajj and Umrah tourists, presently the major contributor to the kingdom visitor number to 30 Million by 2030 from around 19 Million in 2019. Saudi Arabia Hotel Market is projected to be more than USD 24 Billion by the end of the year 2025.
Saudis Vision of 2030, taking prior initiatives into the Hotel industry; likewise, according to the Index Saudi, the government plan to open 144 pulse hotel and 56,106 rooms between the years 2019 to 2021. This year, the government is going to open 44 new hotels, and the next couple of years by 2020, the government plan to open 15 new hotels, and by 2021, 21 projects are in their pipeline. Apart from that, 41 and 9 hotels are in pre-planning stages.
Many hotel (4+start, 4 stars, 3 stars, and 2 Star) companies in the Kingdom has grown rapidly and as per our study, we have covered companies future prospect say for instance, the Intercontinental Hotel Group (IHG) to open Voco hotel with 4,200 rooms, Accor Hotels Middle East will open 13,500 rooms by 2020, and Marriott International pipeline of 29 hotels and over 5700 rooms in the Kingdom by 2030 and many more companies in cities like Makkah, Medina, Riyadh, and Jeddah.
Also, with the assistance of internet hotel booking, the high-end hotel and mid-scale hotel in Saudi Arabia is a significant contributor to the rapid development of the financial community. International and national tourists in Saudi Arabia are more likely to book their hotels online through the region, mostly in Makkah, Medina, Riyadh, Jeddah, and Dammam. The Government of Saudi Arabia is committed to enhance citizens ' quality of life by implementing its "Vision 2030.
Renub Research report title Saudi Arabia Hotel Market, Volume & Forecast by Type (High End, Mid Scale, Budget) Ordering Platform (Online, Offline), Regions (Makkah, Medina, Riyadh, Jeddah and Dammam), Company (Dur Group, Al Hokair Group, Altyaar Group, IHG Group, Marriot International, Accor Middle East, Hilton Hotels) provides a complete analysis of Saudi Arabians Hotel Market.
By Hotel Type High End Hotel Market Dominates the Hotel Market in Saudi Arabia
The report studies the market of the following hotel segments: High End, Mid Scale, and Budget. High-end hotel controls the largest market share in this market place.
By Ordering Platform Online Hotel Booking Market is steadily Growing
In the Saudi Arabia hotel market, Online hotel booking market is steadily growing. This report covers two types of ordering platform: online and offline. It is predicted that by 2025, the online hotel market will increase tremendously.
By Region Saudi Arabia Hotel Market
This report covered Hotels Status in the following Regions: Makkah, Medina, Riyadh, Jeddah, and Dammam. Each region provides the following details: Number of Room, Room Average Daily Rate (ADR), Revenue per Available Room (RevPAR), and Occupancy Rate in the Region.
Hotel/Company Analysis - All the hotels have been studied from two points
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