Colliers International has revealed that the Bahrain hotel market has had a “phenomenal” start to 2019 thanks to the Formula 1 Grand Prix being held in the country.
Speaking exclusively to Hotelier Middle East, Colliers International’s head of hotels for the MENA region Christopher Lund said during the first 4 months of 2019, Manama’s RevPAR had increased by 12%, with March being a particular highlight.
In comparison to 2018, figures showed a growth of 1.3% for occupancy in Manama, however ADR experienced a decline of 6% in the market resulting in a 3.6% drop in RevPAR.
Along with the Formula 1 Grand Prix, there are extensive efforts being made to boost tourism numbers through infrastructure projects.
Lund said that continuous investments are expected to increase Bahrain’s visibility on the global map as well have a positive impact on the overall hospitality market.
“As per Bahrain Economic Development Board, out of an estimated US $32 billion allocated to planned public- and private-sector infrastructure projects in Bahrain, investment in Bahrain’s tourism infrastructure reached over US $13 billion, covering 14 prominent projects,” said Lund.
The Bahrain Tourism and Exhibitions Authority recently revealed that 22 hotels will open in the country during the next four years, which includes Hilton Worldwide, The Address Hotels & Resorts and the Shangri-La.