Lebanon in 'hotel bubble' warns Accor exec
Director of development expects readjustment in the market
A hotel director of development warned on Tuesday that he felt Lebanon was suffering from inflated hotel prices.
Speaking at a Cityscape session ‘Hospitality in MENA: identifying development, investment and management opportunities’, Accor director of development Middle East Philippe Baretaud said, while he loved Lebanon, there was a “hotel bubble”.
“It is too pricy for what it is and it was the same for Dubai and Abu Dhabi, which means that too much sudden demand for a certain lack of supply,” he asserted.
“When you compare Beirut’s performance, which is a lovely city, to New York, to London or to Paris performance figures, you say ‘well something is wrong’. It is artificial and it’s not sustainable in the long run.”
Despite this warning, Baretaud added that it was no reason for hoteliers to panic.
“It doesn’t mean we are going to hit bad performances, it is just going to be readjusted to a more normal international performance level,” he said.