The outlook for Middle East hotels in 2016 looks challenging, evidenced by declines in performance in January, the high season in many regional markets, according to Ernst & Young (EY).
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The advisory firm said in a statement that with the exception of Manama, Cairo and Makkah, all Middle East hotel markets witnessed a decrease in revenue per available room (RevPAR) in January 2016 compared to the same month last year.
“It will be difficult for hotels to maintain the same performance as 2015 this year, and it’s expected that there will be a minimal decline in RevPAR in 2016,” said Yousef Wahbah, MENA head of transaction real estate at EY.
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