DUBLIN--(BUSINESS WIRE)--The "Potential Investment Opportunities in the Riyadh Luxurious Resorts Market" report has been added to ResearchAndMarkets.com's offering.
Potential Investment Opportunities in the Riyadh Luxurious Resorts report provides information on the overview of the hospitality market within Riyadh, factors influencing the hospitality market in Riyadh region, current and future demand and supply, market insight and performance, key expected upcoming luxury resort projects, potential demand on long-term lease and annual subscription, key features and characteristics of luxurious resorts in Saudi Arabia, competitive analysis of major luxurious resorts within Riyadh, target customers and recommended branded operators.
The report concludes with investment opportunities, success factors, gap analysis and future outlook. The report is useful for 5 star as well as 4 star hoteliers, investors in Riyadh hospitality Sector, hospitality industry associations, government / regulatory authorities and Ministry of Tourism.
Current and Future Demand and Supply:
The market showcased a strong potential owing to increasing personal disposable income among Saudi Nationals, improving tourism as well as leisure activities of people, developing infrastructure capabilities, increasing influx of foreign guests and others. Increasing the supply of luxury resorts in the KSA is potentially threatening the dominance of the UAE in the high-end hospitality market. As the Riyadh market remains dominated by the luxury hospitality sector, the entry of mid-market hotel brands can lead to a rise in competition within the overall hospitality market in the near future.
Riyadh Hospitality Market Overview:
Riyadh hospitality market has been undergoing a transition with austerity measures in KSA, plunge in crude oil prices and rise in Iqama fees and introduction of dependent fees due to Saudization. Some of the other factors include an increasing number of tourist arrivals, air transport infrastructure, reception and weddings, the influx of luxury hotels around Riyadh, rising exhibitions, events, trade fairs and entertainment centres and ultra-high net worth individuals.
The major target audience of luxurious resorts within Riyadh city includes the local Saudi audience who come along with their families for a vacation and book high-end villas for their premium services such as private pool, garden, LCD, kitchen equipment and others.
Market Insight and Performance:
After years of relative stability, the luxurious resort market in Riyadh city faced a difficult business environment in 2017 owing to price fluctuations in crude oil coupled with the decline in corporate visitation along with new hotels and resort project delays. The market recovered in 2018 majorly with government economic reforms and reduction in ongoing hotels and resorts project delays which led to a higher supply of resort villas in Riyadh.
Introduction of internationally branded hotel rooms and expected associations / tie-ups between high-end brands and resorts can boost market growth in the near future. The average daily occupancy rate of luxurious resorts within Riyadh is estimated to increase in the near future. The challenges in maintaining a higher occupancy will have a direct impact on older resort properties such as Vivienda Granade Resort, Al-Faisaliah Resort and Spa, Braira Hitin and others.
Potential Demand on Long-term Leasing of Resorts in Riyadh
The trend of outsourcing luxurious resort is not that popular in Riyadh as the guest usually visit a resort for an exclusive experience and hence there are limited chances of a repeat visit. In accordance with the 21st International Hotel Investment Forum 2018, multiple branded operators have showcased interest towards agreeing on long term hotel leasing over the world, including the Kingdom of Saudi Arabia (KSA) in order to expand their business operations, for instance, Radisson Collection. In line with this, other branded operators are seeking to embark their emergence into luxury resort segment in Riyadh to broaden their portfolio.
Competition within the Riyadh luxurious resorts market was observed to highly fragmented along with the presence of limited high-end/premium resorts in the capital city. These resorts compete on the basis of various parameters such as target audience, resort facilities/amenities, land area, location of the resort, type of villas, room supply, average daily occupancy rate, average daily rent per night and others.
Riyadh Hospitality Market Future Outlook, Opportunities and Development Trends
Future outlook of the hospitality market is expected to be positive in Saudi Arabia due to various development initiatives in the capital city Riyadh. Apart from the 2 planned mega-malls, the recently announced Entertainment City project led by the public fund will help boost the tourist leisure demand, especially from Saudi Nationals. Continued new supply of hotel/resort rooms and the market's heavy reliance on business travel associates will also contribute to the KSA hospitality industry market performance in the near future.
Key Segments Covered:
By Type of Rented Units
- First Class
- Second Class
- Third Class
- Four Class
By Type of Hotels
- One Star
- Two Star
- Three Star
- Four Star
- Five Star
Key Target Audience
- 5 star and 4 star hoteliers
- Investors in the Hospitality Sector
- Hospitality Industry Associations
- Government/Regulatory Authorities
- Ministry of Tourism
Time Period Captured in the Report:
- Historical Period: 2012-2017
- Muharram (22 Sep - 21 Oct 2017)
- Safar (22 Oct - 21 Nov 2017)
- Rabi' I (22 Nov - 21 Dec 2017)
- Rabi' II (22 Dec 2017 - 21 Jan 2018)
- Jumada' I (22 Jan - 21 Feb 2018)
- Jumada' II (22 Feb - 21 Mar 2018)
- Rajab (22 Mar - 21 Apr 2018)
- Sha'ban (22 Apr - 21 May 2018)
- Ramadan (22 May - 21 June 2018)
- Shawwal (22 Jun - 21 July 2018)
- Dhul-Qadah (22 Jul - 21 August 2018)
- Dhul-Hijjah (22 Aug - 21 Sep 2018)
- Future Forecast: 2023
Case Studies Covered:
- Vivienda Resort (Granada Branch)
- NOFA Resort (Radisson Collection)
- Al Faisaliah Resort and Spa
- Rest Resort
- Davli Resort
- Braira Resort (Hitin Branch)
For more information about this report visit https://www.researchandmarkets.com/r/tjums8