The HVS Middle East Hotel Development Cost Trends answers the industry's need for a comprehensive regional benchmark report that focuses solely on hotel development costs. For the purpose of this publication, HVS has tracked, analysed and compiled hotel development costs in key Middle Eastern markets since 2010. Each year, HVS Consulting & Valuation researches development costs from our database of actual hotel construction budgets, industry reports, and cost benchmarks per brand provided by hotel management companies. These sources provide the basis for our range of elemental costs per room. The markets presented in this report are the UAE, Saudi Arabia (KSA), Qatar, Bahrain, and Oman.
This study reports per-room hotel development costs and considers data for the following hotel classifications:
- Upscale Serviced Apartments.
We note the exclusion of Budget hotels from this publication due to the limited data available to draw sound conclusions on development costs for this classification of hotels. As the number of Budget hotels in the region is likely to increase, this will provide a larger sample set of data and we expect to include this classification in future publications.
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