Saudi Arabia Hotel Market is anticipated to reach US$ 62.57 Billion by 2030, according to the report. Saudi Arabia is on a trajectory to become a most sought after tourist destination worldwide. Saudi Arabia has bold plans to triple its hotel room count number in the subsequent decade. As a part of its Vision 2030 plan, which aims to convert the country, Saudi Arabia has opened its doors to global travellers, targeting a magnificent 100 million annual visitors by 2030. The government's commitment to developing GIGA-initiatives and tourist destinations has attracted maximum interest from hotel and tourism companies.Saudi Arabia Hotel Market was valued at US$ 27.90 Billion in 2023
Saudi Arabia welcomed 93.5 million overseas and domestic travellers, according to the Saudi Arabia Minister of Tourism in 2022. The state's hospitality industry is poised for rapid increase, leading the global tour and hospitality sector. Major projects like Qiddiya, The Red Sea Development, Amaala, NEOM, Al Ula, and Wadi Al Disah, initiated by the Public Investment Fund of Saudi Arabia in 2018, are pivotal in achieving Vision 2030 goals. This influx of religious and leisure journeys has spurred funding options, beginning several new hotels in key towns.
Saudi Arabia Hotel Market is anticipated to register a CAGR of 12.23% during 2023-2030
The Saudi Arabian hotel market is one of the strongest globally, with staggering metrics of excessive occupancy rates, strong revenue per vacant room (RevPar), and competitive average room costs. Saudi Arabia currently leads the Middle East and Africa in motel construction hotels, surpassing the United Arab Emirates. The government's strategic initiatives, which include investments, visa reforms, more suitable connectivity, and a properly planned calendar of events showcasing numerous points of interest, were instrumental in the hotel segment's extraordinary achievement.Saudi Arabia is embarking on an enormous expansion of its hospitality and tourism sectors, with plans to introduce 315,000 new hotel rooms at an approximate value of US$ 37.8 billion by 2030. This formidable endeavour will increase the overall available hotel rooms to nearly 450,000, with prominent plans like the futuristic Neom City spearheading this expansion. In 2023, IHG® Hotels & Resorts, a renowned worldwide hotel organization presenting 6,000 properties spanning 18 companies, has inked a franchise settlement for the forthcoming establishment of a Hotel Indigo in Oxagon, a coastal commercial city within the northwestern vicinity of Saudi Arabia, is about to benefit from this thrilling addition to its hospitality landscape. Saudi Arabia's hotel Market was valued at US$ 27.90 Billion in 2023.
With visionary initiatives and top-notch amenities, high-end hotels will sustain speedy growth in Saudi Arabia hospitality sector, ensuring a prosperous future
By Hotel Type, the Saudi Arabia Hotel Market is split into High-End, Mid-Scale, and Budget. In the dynamic Saudi Arabian hotel market landscape, the high-end motel section is rising as the epitome of increase and prosperity. This segment is experiencing an awesome surge, outpacing all others in expansion and development. Arabia's strategic tasks to sell tourism and appeal to high-spending travellers have played a pivotal role in fostering the high-end hotel region. The country's charming combination of luxury and lifestyle lures discerning travellers seeking opulent experiences. With its visionary Giga projects, world-magnificence services, and commitment to excellence, the high-end hotel section will continue its meteoric upward thrust within the Saudi Arabian hospitality industry.Online booking platforms are poised to grab the utmost market percentage in Saudi Arabia hotel industry
By Ordering Platform, the Saudi Arabia Hotel market is divided into Offline and Online. The rapid digitalization of the travel sector, coupled with consumers' desire for convenient and transparent reserving processes, has driven the surge in online hotel reservations. Mobile apps and websites provide travellers with various options, opinions, and pricing, making finding accommodations that suit their preferences and budgets easier. Moreover, the ongoing worldwide shift toward online and contactless transactions, extended by the COVID-19 pandemic, solidifies online booking systems' dominance within the Saudi Arabian hotel industry. This trend is anticipated to maintain its upward trajectory, shaping the future of hotel bookings within the region.Jeddah hotel industry prospers as a dynamic sector in Saudi Arabia's hospitality landscape
In Saudi Arabia, the Hotel industry is broken into Makkah, Riyadh, Madinah, Jeddah, Al Khobar and Dammam. Attracting a wide variety of visitors, Jeddah offers various hotels, from luxury chains to boutiques. The sector experiences growth with new investments and renovations due to Jeddah's strategic location alongside the Red Sea and rich historical and modern attractions. Supported by the Saudi government's tourism commitment, Jeddah's hotels are poised to extend, catering to a growing influx of site visitors.Riyadh's accommodations maintained sturdy occupancy rates and relatively higher daily rates, resulting in improved revenue per available room (RevPAR), reaching its highest since 2011. The Saudi capital has positioned itself as a distinguished venue for global occasions and conferences, aligning with the Kingdom's aspiration to grow into a regional trade and commercial enterprise hub.
Key Company
Dur Group, Al Hokair Group, Altyaar Group, IHG Group, Marriot International, Accor Middle East & Hilton Hotels are the foremost companies in the Saudi Arabia Hotel Industry.The report titled “Saudi Arabia Hotel Market, Volume & Forecast by Type (High End, Mid Scale, Budget) Ordering Platform (Online, Offline), Regions (Makkah, Riyadh, Madinah, Jeddah, Al Khobar and Dammam), Company (Dur Group, Al Hokair Group, Altyaar Group, IHG Group, Marriot International, Accor Middle East & Hilton Hotels)” provides a complete analysis of Saudi Arabian’s Hotel Market.
Hotel Type - Saudi Arabia Hotel Market & Volume
1. High End Hotel2. Mid Scale Hotel
3. Budget Hotel
Ordering Platform - Saudi Arabia Hotel Market
1. Online2. Offline
Region - Saudi Arabia Five Star Hotel Status
1. Makkah2. Medina
3. Riyadh
4. Jeddah
5. Dammam
Each Region provides the following Details
1. Market2. Number of Rooms
3. Room Average Daily Rate (ADR)
4. Revenue per Available Room (RevPAR)
5. Occupancy Rate
Hotel/Company Analysis - All the hotels have been studied from 3 points
- Overview
- Recent Development
- Sales
Hotels Cover in the Report
1. Dur Group2. Al Hokair Group
3. Altyaar Group
4. IHG Group
5. Marriot International
6. Accor Middle East
7. Hilton Hotels
Table of Contents
Samples
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Companies Mentioned
- Dur Group
- Al Hokair Group
- Altyaar Group
- IHG Group
- Marriot International
- Accor Middle East
- Hilton Hotels
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | October 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 27.9 Billion |
| Forecasted Market Value ( USD | $ 62.57 Billion |
| Compound Annual Growth Rate | 12.2% |
| Regions Covered | Saudi Arabia |
| No. of Companies Mentioned | 7 |
