by CH Tophotel.de
So far, the global economic crisis has had only a slight impact on the construction of new hotels. To date, one project (Trump Tower on The Palm Jumeirah) was „postponed“ indefinitely in boom town Dubai. And the opening of the Four Seasons Hotel Dubai, scheduled for 2010, is being rescheduled for 2011. According to tophotelprojects.com, two renovation projects (by Steigenberger Hotels) have been cancelled in Germany thus far. Also, according to media, the opening of Swissotel Dresden (at Neumarkt by the Frauenkirche) will be postponed to 2011; the 90 million Euro project had initially been supposed to be completed by beginning of 2010.
Hotel market specialists are advising against too much enthusiasm. Reiner Nittka, executive of project developer GBI, anticipates a half of the current 32 hotel projects in Berlin (with a total of 8,300 rooms) to not be realized; as tophotel.de reported. Christoph Härle, director of Global Hotel Capital Group of Jones Lang LaSalle Hotels, said earlier: „Because of the insecure market situation, hotel companies, developers and investors are putting their expansion plans on ice or realizing them in slimmed-down forms.“ Only 11.5 percent of hotel investors are currently involved in construction projects, as shown by the November survey of the monthly „Hotel Investor Sentiment Survey“; that is a decrease of seven percent compared to the previous month.
Still, the number of first class and luxury hotels world wide continues to grow. In Europe, alone, the number of top hotels is rising by around four percent. In the Middle East, the hotel market gains about 20 percent, and in Asia there will be around 13% new properties over the next five years. According to tophotelprojects.com, there are currently more than 3,000 top hotel projects world wide, 1,200 of which in Europe, 700 in North America and around 1,000 in the Middle East and East Asia.