55,000 star hotel rooms to be completed in 5 years

DUBAI — Jones Lang LaSalle Hotels have reported that 55,000 luxury 4 and 5 star hotel rooms are expected to be completed in the next five years across the UAE. Dubai is leading the market with the confirmed development of more than half of all projects, followed closely by Abu Dhabi.

By A Staff Reporter

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Published: Wed 27 Sep 2006, 9:11 AM

Last updated: Sat 4 Apr 2015, 1:24 PM

Arthur de Haast, Global CEO Jones Lang LaSalle Hotels says, "Last year the confirmed pipeline of projects that were under construction or in advanced stages of planning stood at approximately 35,000 rooms. During the course of 2006 we have seen an increase in new development schemes emerging to meet the rising tourism and business travel requirements."

Thierry Loué, Managing Director Jones Lang LaSalle MENA, says "This activity is being driven by an abundance of capital seeking real estate, strong market fundamentals, significant growth in intra-regional travel, and greater awareness of Dubai and Abu Dhabi as tourist destinations." By comparison, Las Vegas has the world's second largest hotel development pipeline with 42,000 rooms, Macao follows with 27,000 rooms and China's Shanghai and Beijing with just 11,000 and 12,000 respectively.

In addition to the significant investment being made within the country, rapidly increasing outbound capital flows from the Middle East are also expected. Middle Eastern investors, primarily from the UAE, invested just under $1 billion in European hotels in 2005.

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