From the Arabian Hotel Investment Conference (AHIC) in Dubai, Starwood Hotels & Resorts Worldwide, Inc. announced today the signing of a hotel within The Luxury Collection brand in Ajman, United Arab Emirates. The new-build, 207-room property is expected to open in 2012, and is illustrative of Starwood’s market leading growth in the region and around the world.
Speakers at the fifth Arabian Hotel Investment Conference laid out a bleak picture of the crisis facing the global hospitality sector for 2009, but stressed that recovery was expected within two years and the current situation opened opportunities for the long-term future. While development in the hospitality sector is predicted to slow to two percent in the Middle East, according to UNWTO figures, following several years of double digit growth, the region is still expected to be the top performer worldwide in 2008/09, according to Marvin Rust, Global Managing Partner Hospitality for Deloitte.
Ahead of what may be one of the most challenging summers in the global hospitality sector, Jonathan Worsley, co-organiser of the upcoming Arabian Hotel Investment Conference (AHIC), stressed that it is still the time to encourage and foster more investment activity.Jonathan Worsley stated that governments must get more involved to ensure sector growth and sustainability.
Hotel legend Sol Kerzner is set to present His Excellency, Sultan Ahmed Bin Sulayem, Chairman, Dubai World with the AHIC 2009 Leadership Award at the forthcoming Arabian Hotel Investment Conference.Bin Sulayem, who is frequently acknowledged by the real estate and hospitality industries for his role in steering growth in the region, has been singled out by the hotel investment sector in recognition of his contribution to the growth of Dubai.