Hotel operators slow Gulf expansion amid regional conflict

…ago, while Wynn Al Marjan, a multi-billion-dollar casino resort in Ras Al Khaimah, has pushed back its opening to September 2027 from the first quarter, with the delay adding about $600 million to its projected cost. “ I would be lying if I said the crisis would not slow down our expansion plans ,” said Saurabh Tiwari, vice president – Middle East, Maldives & Sri Lanka at IHCL. “This is a time of survival and being together and supporting our partners.” At the beginning of the year, IHCL had been targeting at…

…of owners.” Experts noted that while hotel project pipelines are expected to remain sizable, operators are likely to stagger openings as they reassess project economics, demand and the timing of fresh investments. “ What we are seeing is a reset in pace, not a retreat from the Gulf ,” said Akshay Jayaprakasan, associate partner at Redseer Strategy Consultants. “Companies are moving away from chasing footprint and becoming much more selective about the asset, partner and timing. I expect announced…

…months. “When you cannot change the wind, you change the sail,” he said. Chema Basterrechea, global president and COO at Radisson Hotel Group, also said the major Middle East markets have been “heavily impacted.” “ Saudi Arabia is not as heavily impacted as other neighbouring countries, but the major UAE markets have been severely affected ,” he said. “We cannot neglect what is happening. We have more than 50 hotels in the region and many in the pipeline. There can be delays due to the financial commitments and obligations of owners.” Experts noted that…