Hotel growth propels Bahrain economy in Q2
Growth tops 10% in hotels and restaurants in second quarter of 2014
The hospitality sector was among the major drivers of growth in the Bahrain economy in the second quarter of the year, according to data from a public agency in the country.
Statistics produced by the Bahrain Economic Development Board suggests that the hotels and restaurants sector grew by 10.3% year-on-year, above the average GDP growth of 5.6% across the economy.
While the holy month of Ramadan saw some slowdown, this was more than made up for by a strong influx during the Eid al Fitr holidays,” the Bahrain Economic Quarterly report adds.
“The tourism sector in the Kingdom is set to benefit from the launch of a number of important hotel projects as well as renewed expansion by the national carrier.”
The report also highlights the gains posted by the Hotels & Tourism sector on the Bahrain Bourse, with 11% year-to-date gains.
Among the major ongoing hotel developments in the kingdom is the Four Seasons Hotel Bahrain Bay, which is expected to open by the end of the year, and Wyndham Grand Collection Manama, which will be located in the new United Tower.
Earlier this year, a hotel at Bahrain City Centre formerly operated by Kempinski was reflagged under two Starwood brands, Le Meriden and Westin.