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Around 3,000 hotel keys in pipeline for second half of 2023

Doha, Qatar: The hospitality sector is on course to witness yet another strong momentum in the country with the addition of 3,000 hotel keys, said ValuStrat in its latest report.

According to data by Qatar Tourism, the hospitality stock was estimated at 38,822 units including 28,819 hotel keys and 10,003 hotel apartments as of June 2023.

However, during the second quarter of the year, seven hospitality projects officially started receiving books in 1,160 keys comprising 760 hotel rooms and 400 hotel apartments, among which 80 percent are 4 to 5-star ratings.

In H1 2023, two main hotels were launched in Qatar’s financial district, the West Bay area. The country witnessed the opening of Element West Bay Doha, which has 180 hotel apartments, and Waldorf Astoria Doha West Bay, which comprises of 311 keys and 25 hotel apartments.

On the other hand, Four Seasons Resort and Residences comprising 161 hotel flats was launched at The Pearl Island.

The first half of the year saw a significant number of arrivals in the country. Qatar Tourism’s report indicates that in the first six months of 2023, the volume of visitors exceeded 2 million, signaling a 144 percent growth year on year.

“The unification of the tourist visa process under the Hayya platform, Eid celebrations, and tourism campaigns like “Feel more in Qatar” all contributed to making May and June of 2023 mark significant volumes of visitors in a decade for these two months,” the report said.

ValuStrat further added that the “Average Daily Rate (QAR) and Revenue per Available Room (RevPAR) were QR405 and QR221, indicating an annual decline of 9 percent and 17.8 percent, respectively.”

However, hotel occupancy stood at 55 percent, which is a 5 percent drop compared to the same period in 2022.

Earlier, Qatar Tourism officials remarked that by 2030, the country will witness over 6 million visitors each year, stipulating a 12 percent growth in its GDP.

For a detailed perspective on the property market, visit: Qatar - Real Estate Review Q2 2023