Don't build more hotels, market saturated: Khalaf Al Habtoor
The tycoon said he’s currently deciding whether it’s best to build or acquire between seven and 10 schools
Khalaf Al Habtoor revealed to Bloomberg in an interview that the hospitality market is now saturated and he’s looking to expand elsewhere.
“I would not recommend any expansion in hotels at all to anybody,” Al Habtoor said in an interview with Bloomberg TV. The group’s beach properties are doing well, “but with very low rates.” His city hotel occupancy is fluctuating and “the rates are not great,” he said.
The tycoon said he’s currently deciding whether it’s best to build or acquire between seven and 10 schools.
Bloomberg also reports that he called on Dubai’s government entities to halt hotel development, even on unfinished projects, as increasing supply causes room rates to decline.