Here is your weekly industry news round-up. Check out the short snippets here and follow below for more details.
- GCC hospitality boom: UAE market to top US$7 billion by 2026
- Accor leads hospitality growth across Saudi Arabia
- Xenia Hotels & Resorts: Q1 2024 nets $8.5M, steady growth
- Minor Hotels to launch 50 properties in India
- Home2 Suites by Hilton partners with Grubhub for onsite food delivery
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GCC hospitality boom; UAE market to top US$7B by 2026
Recent data from global research companies indicates a bright future for the GCC hospitality industry, with insights from Deloitte and STR demonstrating sustained growth as tourism continues to be a key priority for regional governments. The upcoming edition of Arabian Travel Market (ATM), a premier global event in travel and tourism, will serve as a pivotal gathering for hospitality stakeholders when it takes place from 6 to 9 May at the Dubai World Trade Centre. RateTiger is taking Dubai by storm from May 6th to 9th! Find us in Hall 4, Booth TT4102.
Accor drives hospitality expansion in Saudi Arabia
As the largest hotel operator in Saudi Arabia, Accor is spearheading a strategic transformation of the country’s tourism sector, marking a new era of hospitality in the Kingdom.
Accor currently operates 13 brands in Saudi Arabia, spanning across the premium, midscale, and economy segments, as well as luxury brands and Ennismore’s lifestyle collective. With leading brands including ibis, Novotel, Adagio, Mercure, Mövenpick, Swissotel, Pullman, Raffles, Fairmont, Sofitel, Banyan Tree and others, the group has solidified its position as a leading hospitality provider, offering a wide range of services and experiences.
Xenia Hotels: Q1 2024 nets $8.5M, steady growth
Regarding Liquidity and Balance Sheet as of March 31, 2024, the Company held total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.47%. It possessed around $140 million in cash and cash equivalents, including hotel working capital, and full availability on its revolving line of credit, resulting in total liquidity of about $590 million. Furthermore, as of the conclusion of the first quarter, the Company possessed about $57 million in restricted cash and escrows.
Minor Hotels plans 50 new properties in India
Minor Hotels, a global hotel owner and operator with more than 540 properties in 56 countries, is set to intensify its presence in the dynamic Indian hospitality market, targeting 50 new openings within the next decade.
The group will focus its strategy on the upper-upscale and luxury hotel segments, where it expects strong interest from owners in its well-established Anantara, Avani, and NH Collection brands.
Home2 Suites by Hilton offers seamless Grubhub food delivery
More than 30 percent of travelers struggle with not knowing where to order food and 25 percent worry about not having access to a car to get around, according to a Grubhub survey. Further, nearly 50 percent of travelers said they’d use a delivery app to order forgotten items. With this integration, travelers don’t have to worry about food, transportation or these forgotten items since Grubhub and Home2 Suites make it easy to order from local restaurants and find nearby convenience stores for delivery right to their Home2 Suites hotel.
That’s all folks!