A month after a Houthi missile killed 13 people at Riyadh’s main airport, Saudi Arabia’s hotel pipeline is at a record. Developers and operators say they know of no projects canceled because of the attacks. What the attacks have damaged is harder to rebuild: the kingdom’s image as a safe place to visit.
The attacks have closed airports, canceled the kingdom’s biggest events and pushed up the cost of insuring against conflict. Investors are still signing deals, betting that domestic and religious travel will carry the market until the fighting stops. How long that takes is an open question.
A Record Pipeline
Saudi Arabia’s hotel pipeline has kept growing. The kingdom has a record 401 projects in development, up 15% from a year ago, according to Lodging Econometrics. Those projects will collectively add 109,320 rooms, a 16% increase. That is 52% of the Middle East’s total project count, and 58% of its rooms.
Riyadh leads with 114 pro
Source: skift.com
