Saudi Arabia Hotel Market, Size, Forecast 2024-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis
Saudi Arabia Hotel Market is anticipated to reach US$ 62.57 Billion by 2030, according to Renub Research. Saudi Arabia is on a trajectory to become a most sought after tourist destination worldwide. Saudi Arabia has bold plans to triple its hotel room count number in the subsequent decade. As a part of its Vision 2030 plan, which aims to convert the country, Saudi Arabia has opened its doors to global travellers, targeting a magnificent 100 million annual visitors by 2030. The government's commitment to developing GIGA-initiatives and tourist destinations has attracted maximum interest from hotel and tourism companies.
Saudi Arabia welcomed 93.5 million overseas and domestic travellers, according to the Saudi Arabia Minister of Tourism in 2022. The state's hospitality industry is poised for rapid increase, leading the global tour and hospitality sector. Major projects like Qiddiya, The Red Sea Development, Amaala, NEOM, Al Ula, and Wadi Al Disah, initiated by the Public Investment Fund of Saudi Arabia in 2018, are pivotal in achieving Vision 2030 goals. This influx of religious and leisure journeys has spurred funding options, beginning several new hotels in key towns.
Saudi Arabia Hotel Market is anticipated to register a CAGR of 12.23% during 2023- 2030.
The Saudi Arabian hotel market is one of the strongest globally, with staggering metrics of excessive occupancy rates, strong revenue per vacant room (RevPar), and competitive average room costs. Saudi Arabia currently leads the Middle East and Africa in motel construction hotels, surpassing the United Arab Emirates. The government's strategic initiatives, which include investments, visa reforms, more suitable connectivity, and a properly planned calendar of events showcasing numerous points of interest, were instrumental in the hotel segment's extraordinary achievement.
Saudi Arabia is embarking on an enormous expansion of its hospitality and tourism sectors, with plans to introduce 315,000 new hotel rooms at an approximate value of US$ 37.8 billion by 2030. This formidable endeavour will increase the overall available hotel rooms to nearly 450,000, with prominent plans like the futuristic Neom City spearheading this expansion. In 2023, IHG® Hotels & Resorts, a renowned worldwide hotel organization presenting 6,000 properties spanning 18 companies, has inked a franchise settlement for the forthcoming establishment of a Hotel Indigo in Oxagon, a coastal commercial city within the northwestern vicinity of Saudi Arabia, is about to benefit from this thrilling addition to its hospitality landscape. Saudi Arabia's hotel Market was valued at US$ 27.90 Billion in 2023.
With visionary initiatives and top-notch amenities, high-end hotels will sustain speedy growth in Saudi Arabia hospitality sector, ensuring a prosperous future.
By Hotel Type, the Saudi Arabia Hotel Market is split into High-End, Mid-Scale, and Budget. In the dynamic Saudi Arabian hotel market landscape, the high-end motel section is rising as the epitome of increase and prosperity. This segment is experiencing an awesome surge, outpacing all others in expansion and development. Arabia's strategic tasks to sell tourism and appeal to high-spending travellers have played a pivotal role in fostering the high-end hotel region. The country's charming combination of luxury and lifestyle lures discerning travellers seeking opulent experiences. With its visionary Giga projects, world-magnificence services, and commitment to excellence, the high-end hotel section will continue its meteoric upward thrust within the Saudi Arabian hospitality industry.
Online booking platforms are poised to grab the utmost market percentage in Saudi Arabia hotel industry
By Ordering Platform, the Saudi Arabia Hotel market is divided into Offline and Online. The rapid digitalization of the travel sector, coupled with consumers' desire for convenient and transparent reserving processes, has driven the surge in online hotel reservations. Mobile apps and websites provide travellers with various options, opinions, and pricing, making finding accommodations that suit their preferences and budgets easier. Moreover, the ongoing worldwide shift toward online and contactless transactions, extended by the COVID-19 pandemic, solidifies online booking systems' dominance within the Saudi Arabian hotel industry. This trend is anticipated to maintain its upward trajectory, shaping the future of hotel bookings within the region.
Jeddah hotel industry prospers as a dynamic sector in Saudi Arabia's hospitality landscape.
In Saudi Arabia, the Hotel industry is broken into Makkah, Riyadh, Madinah, Jeddah, Al Khobar and Dammam. Attracting a wide variety of visitors, Jeddah offers various hotels, from luxury chains to boutiques. The sector experiences growth with new investments and renovations due to Jeddah's strategic location alongside the Red Sea and rich historical and modern attractions. Supported by the Saudi government's tourism commitment, Jeddah's hotels are poised to extend, catering to a growing influx of site visitors.
Riyadh's accommodations maintained sturdy occupancy rates and relatively higher daily rates, resulting in improved revenue per available room (RevPAR), reaching its highest since 2011. The Saudi capital has positioned itself as a distinguished venue for global occasions and conferences, aligning with the Kingdom's aspiration to grow into a regional trade and commercial enterprise hub.
Key Company
Dur Group, Al Hokair Group, Altyaar Group, IHG Group, Marriot International, Accor Middle East & Hilton Hotels are the foremost companies in the Saudi Arabia Hotel Industry.
Renub Research report title “Saudi Arabia Hotel Market, Volume & Forecast by Type (High End, Mid Scale, Budget) Ordering Platform (Online, Offline), Regions (Makkah, Riyadh, Madinah, Jeddah, Al Khobar and Dammam), Company (Dur Group, Al Hokair Group, Altyaar Group, IHG Group, Marriot International, Accor Middle East & Hilton Hotels)” provides a complete analysis of Saudi Arabian’s Hotel Market.
Hotel Type – Saudi Arabia Hotel Market & Volume
1. High End Hotel
2. Mid Scale Hotel
3. Budget Hotel
Ordering Platform – Saudi Arabia Hotel Market
1. Online
2. Offline
Region – Saudi Arabia Five Star Hotel Status
1. Makkah
2. Medina
3. Riyadh
4. Jeddah
5. Dammam
Each Region provides the following Details
1. Market
2. Number of Rooms
3. Room Average Daily Rate (ADR)
4. Revenue per Available Room (RevPAR)
5. Occupancy Rate
Hotel/Company Analysis – All the hotels have been studied from 3 points
• Overview
• Recent Development
• Sales
Hotels Cover in the Report
1. Dur Group
2. Al Hokair Group
3. Altyaar Group
4. IHG Group
5. Marriot International
6. Accor Middle East
7. Hilton Hotels
- 1. Introduction
- 2. Research & Methodology
- 3. Executive Summary
- 4. Market Dynamics
- 4.1 Growth Drivers
- 4.2 Challenges
- 5. Saudi Arabia Hotel Market
- 5.1 Market
- 5.2 Volume
- 5.3 ADR (average daily rent per night)
- 5.4 REVPAR (Per room per night)
- 5.5 Occupancy Rate
- 6. Share Analysis – Saudi Arabia Hotel Analysis
- 6.1 By Hotel Type Market
- 6.2 By Hotel Type Volume
- 6.3 By Ordering Platform Market
- 7. Hotel Type – Saudi Arabia Hotel Market and Volume
- 7.1 High End Hotel
- 7.1.1 Market
- 7.1.2 Volume
- 7.2 Mid Scale Hotel
- 7.2.1 Market
- 7.2.2 Volume
- 7.3 Budget Hotel
- 7.3.1 Market
- 7.3.2 Volume
- 8. Ordering Platform – Saudi Arabia Hotel Market
- 8.1 Online Hotel Market
- 8.2 Offline Hotel Market
- 9. Region - Saudi Arabia Hotel Market
- 9.1 Makkah
- 9.1.1 Market
- 9.1.2 Number of Rooms
- 9.1.3 Room Average Daily Rate (ADR)
- 9.1.4 Revenue per Available Room (RevPAR)
- 9.1.5 Occupancy Rate
- 9.2 Riyadh
- 9.2.1 Market
- 9.2.2 Number of Rooms
- 9.2.3 Room Average Daily Rate (ADR)
- 9.2.4 Revenue per Available Room (RevPAR)
- 9.2.5 Occupancy Rate
- 9.3 Madinah
- 9.3.1 Market
- 9.3.2 Number of Rooms
- 9.3.3 Room Average Daily Rate (ADR)
- 9.3.4 Revenue per Available Room (RevPAR)
- 9.3.5 Occupancy Rate
- 9.4 Jeddah
- 9.4.1 Market
- 9.4.2 Number of Rooms
- 9.4.3 Room Average Daily Rate (ADR)
- 9.4.4 Revenue per Available Room (RevPAR)
- 9.4.5 Occupancy Rate
- 9.5 Al Khobar
- 9.5.1 Market
- 9.5.2 Number of Rooms
- 9.5.3 Room Average Daily Rate (ADR)
- 9.5.4 Revenue per Available Room (RevPAR)
- 9.5.5 Occupancy Rate
- 9.6 Dammam
- 9.6.1 Market
- 9.6.2 Number of Rooms
- 9.6.3 Room Average Daily Rate (ADR)
- 9.6.4 Revenue per Available Room (RevPAR)
- 9.6.5 Occupancy Rate
- 10. Porter’s Five Forces
- 10.1 Bargaining Power of Buyers
- 10.2 Bargaining Power of Suppliers
- 10.3 Degree of Competition
- 10.4 Threat of New Entrants
- 10.5 Threat of Substitutes
- 11. SWOT Analysis
- 11.1 Strength
- 11.2 Weakness
- 11.3 Opportunity
- 11.4 Threat
- 12. Hotel/Company Revenue
- 12.1 Dur Group
- 12.1.1 Overview
- 12.1.2 Recent Development
- 12.1.3 Revenue
- 12.2 IHG Group
- 12.2.1 Overview
- 12.2.2 Recent Development
- 12.2.3 Revenue
- 12.3 Marriot International
- 12.3.1 Overview
- 12.3.2 Recent Development
- 12.3.3 Revenue
- 12.4 Accor
- 12.4.1 Overview
- 12.4.2 Recent Development
- 12.4.3 Revenue
- 12.5 Hilton Hotels
- 12.5.1 Overview
- 12.5.2 Recent Development
- 12.5.3 Revenue
- 12.6 Al Hokair Group
- 12.6.1 Overview
- 12.6.2 Recent Development
- 12.6.3 Revenue
- 12.7 Altyaar Group
- 12.7.1 Overview
- 12.7.2 Recent Development
- 12.7.3 Revenue
- List of Figures:
- Figure-01: Saudi Arabia Hotel Market (Billion US$), 2018 – 2023
- Figure-02: Saudi Arabia – Forecast for Hotel Market (Billion US$), 2024 – 2030
- Figure-03: Saudi Arabia Hotel Number of Hotel Volume (Number), 2018 – 2023
- Figure-04: Saudi Arabia – Forecast for Hotel Number of Hotel Volume (Number), 2024 – 2030
- Figure-05: Saudi Arabia Hotel ADR (average daily rent per night) Market (US$), 2018 – 2023
- Figure-06: Saudi Arabia – Forecast for Hotel ADR (average daily rent per night) Market (US$), 2024 – 2030
- Figure-07: Saudi Arabia Hotel REVPAR (Per room per night) Market (US$), 2018 – 2023
- Figure-08: Saudi Arabia – Forecast for Hotel REVPAR (Per room per night) Market (US$), 2024 – 2030
- Figure-09: Saudi Arabia Occupancy Rate (Percent), 2018 – 2023
- Figure-10: Saudi Arabia – Forecast forOccupancy Rate (Percent), 2024 – 2030
- Figure-11: Hotel Type – High End Hotel Market (Billion US$), 2018 – 2023
- Figure-12: Hotel Type – Forecast for High End Hotel Market (Billion US$), 2024 – 2030
- Figure-13: Hotel Type – High End Hotel Volume (Number), 2018 – 2023
- Figure-14: Hotel Type – Forecast for High End Hotel Volume (Number), 2024 – 2030
- Figure-15: Hotel Type – Midscale Hotel Market (Billion US$), 2018 – 2023
- Figure-16: Hotel Type – Forecast for Midscale Hotel Market (Billion US$), 2024 – 2030
- Figure-17: Hotel Type – Midscale Hotel Volume (Number), 2018 – 2023
- Figure-18: Hotel Type – Forecast for Midscale Hotel Volume (Number), 2024 – 2030
- Figure-19: Hotel Type – Budget & Economy Hotel Market (Billion US$), 2018 – 2023
- Figure-20: Hotel Type – Forecast for Budget & Economy Hotel Market (Billion US$), 2024 – 2030
- Figure-21: Hotel Type – Budget & Economy Hotel Volume (Number), 2018 – 2023
- Figure-22: Hotel Type – Forecast for Budget & Economy Hotel Volume (Number), 2024 – 2030
- Figure-23: Saudi Arabia – Online Hotel Market (USD Billion), 2016 – 2020
- Figure-24: Saudi Arabia – Forecast for Online Hotel Market (USD Billion), 2021 – 2026
- Figure-25: Saudi Arabia – Offline Hotel Market (US$ Billion), 2016 – 2020
- Figure-26: Saudi Arabia – Forecast for Offline Hotel Market (US$ Billion), 2021 – 2026
- Figure-27: Makkah – Hotel Market (Million US$), 2018 – 2023
- Figure-28: Makkah – Forecast for Hotel Market (Million US$), 2024 – 2030
- Figure-29: Makkah – Number of Rooms Volume (Number), 2018 – 2023
- Figure-30: Makkah – Forecast for Number of Rooms Volume (Number), 2024 – 2030
- Figure-31: Makkah – Room Average Daily Rate (ADR) Market (US$), 2018 – 2023
- Figure-32: Makkah – Forecast for Room Average Daily Rate (ADR) Market (US$), 2024 – 2030
- Figure-33: Makkah – Revenue per Available Room (RevPAR) Market (US$), 2018 – 2023
- Figure-34: Makkah – Forecast for Revenue per Available Room (RevPAR) Market (US$), 2024 – 2030
- Figure-35: Makkah – Occupancy Rate (Percent), 2018 – 2023
- Figure-36: Makkah – Forecast for Occupancy Rate (Percent), 2024 – 2030
- Figure-37: Riyadh – Hotel Market (Million US$), 2018 – 2023
- Figure-38: Riyadh – Forecast for Hotel Market (Million US$), 2024 – 2030
- Figure-39: Riyadh – Number of Rooms Volume (Number), 2018 – 2023
- Figure-40: Riyadh – Forecast for Number of Rooms Volume (Number), 2024 – 2030
- Figure-41: Riyadh – Room Average Daily Rate (ADR) Market (US$), 2018 – 2023
- Figure-42: Riyadh – Forecast for Room Average Daily Rate (ADR) Market (US$), 2024 – 2030
- Figure-43: Riyadh – Revenue per Available Room (RevPAR) Market (US$), 2018 – 2023
- Figure-44: Riyadh – Forecast for Revenue per Available Room (RevPAR) Market (US$), 2024 – 2030
- Figure-45: Riyadh – Occupancy Rate (Percent), 2018 – 2023
- Figure-46: Riyadh – Forecast for Occupancy Rate (Percent), 2024 – 2030
- Figure-47: Madinah – Hotel Market (Million US$), 2018 – 2023
- Figure-48: Madinah – Forecast for Hotel Market (Million US$), 2024 – 2030
- Figure-49: Madinah – Number of Rooms Volume (Number), 2018 – 2023
- Figure-50: Madinah – Forecast for Number of Rooms Volume (Number), 2024 – 2030
- Figure-51: Madinah – Room Average Daily Rate (ADR) Market (US$), 2018 – 2023
- Figure-52: Madinah – Forecast for Room Average Daily Rate (ADR) Market (US$), 2024 – 2030
- Figure-53: Madinah – Revenue per Available Room (RevPAR) Market (US$), 2018 – 2023
- Figure-54: Madinah – Forecast for Revenue per Available Room (RevPAR) Market (US$), 2024 – 2030
- Figure-55: Madinah – Occupancy Rate (Percent), 2018 – 2023
- Figure-56: Madinah – Forecast for Occupancy Rate (Percent), 2024 – 2030
- Figure-57: Jeddah – Hotel Market (Million US$), 2018 – 2023
- Figure-58: Jeddah – Forecast for Hotel Market (Million US$), 2024 – 2030
- Figure-59: Jeddah – Number of Rooms Volume (Number), 2018 – 2023
- Figure-60: Jeddah – Forecast for Number of Rooms Volume (Number), 2024 – 2030
- Figure-61: Jeddah – Room Average Daily Rate (ADR) Market (US$), 2018 – 2023
- Figure-62: Jeddah – Forecast for Room Average Daily Rate (ADR) Market (US$), 2024 – 2030
- Figure-63: Jeddah – Revenue per Available Room (RevPAR) Market (US$), 2018 – 2023
- Figure-64: Jeddah – Forecast for Revenue per Available Room (RevPAR) Market (US$), 2024 – 2030
- Figure-65: Jeddah – Occupancy Rate (Percent), 2018 – 2023
- Figure-66: Jeddah – Forecast for Occupancy Rate (Percent), 2024 – 2030
- Figure-67: Al Khobar – Hotel Market (Million US$), 2018 – 2023
- Figure-68: Al Khobar – Forecast for Hotel Market (Million US$), 2024 – 2030
- Figure-69: Al Khobar – Number of Rooms Volume (Number), 2018 – 2023
- Figure-70: Al Khobar – Forecast for Number of Rooms Volume (Number), 2024 – 2030
- Figure-71: Al Khobar – Room Average Daily Rate (ADR) Market (US$), 2018 – 2023
- Figure-72: Al Khobar – Forecast for Room Average Daily Rate (ADR) Market (US$), 2024 – 2030
- Figure-73: Al Khobar – Revenue per Available Room (RevPAR) Market (US$), 2018 – 2023
- Figure-74: Al Khobar – Forecast for Revenue per Available Room (RevPAR) Market (US$), 2024 – 2030
- Figure-75: Al Khobar – Occupancy Rate (Percent), 2018 – 2023
- Figure-76: Al Khobar – Forecast for Occupancy Rate (Percent), 2024 – 2030
- Figure-77: Dammam – Hotel Market (Million US$), 2018 – 2023
- Figure-78: Dammam – Forecast for Hotel Market (Million US$), 2024 – 2030
- Figure-79: Dammam – Number of Rooms Volume (Number), 2018 – 2023
- Figure-80: Dammam – Forecast for Number of Rooms Volume (Number), 2024 – 2030
- Figure-81: Dammam – Room Average Daily Rate (ADR) Market (US$), 2018 – 2023
- Figure-82: Dammam – Forecast for Room Average Daily Rate (ADR) Market (US$), 2024 – 2030
- Figure-83: Dammam – Revenue per Available Room (RevPAR) Market (US$), 2018 – 2023
- Figure-84: Dammam – Forecast for Revenue per Available Room (RevPAR) Market (US$), 2024 – 2030
- Figure-85: Dammam – Occupancy Rate (Percent), 2018 – 2023
- Figure-86: Dammam – Forecast for Occupancy Rate (Percent), 2024 – 2030
- Figure-87: Dur Group – Global Revenue (Million US$), 2018 – 2023
- Figure-88: Dur Group – Forecast for Global Revenue (Million US$), 2024 – 2030
- Figure-89: IHG Group – Global Revenue (Million US$), 2018 – 2023
- Figure-90: IHG Group – Forecast for Global Revenue (Million US$), 2024 – 2030
- Figure-91: Marriott International – Global Revenue (Million US$), 2018 – 2023
- Figure-92: Marriott International – Forecast for Global Revenue (Million US$), 2024 – 2030
- Figure-93: Accor – Global Revenue (Million US$), 2018 – 2023
- Figure-94: Accor – Forecast for Global Revenue (Million US$), 2024 – 2030
- Figure-95: Hilton Hotels – Global Revenue (Million US$), 2018 – 2023
- Figure-96: Hilton Hotels – Forecast for Global Revenue (Million US$), 2024 – 2030
- Figure-97: Al Hokair Group – Global Revenue (Million US$), 2018 – 2023
- Figure-98: Al Hokair Group – Forecast for Global Revenue (Million US$), 2024 – 2030
- Figure-99: Altyaar Group – Global Revenue (Million US$), 2018 – 2023
- Figure-100: Altyaar Group – Forecast for Global Revenue (Million US$), 2024 – 2030
- List of Tables:
- Table-01: Saudi Arabia Hotel Market Share by Hotel Type (Percent), 2018 – 2023
- Table-02: Saudi Arabia – Forecast for Hotel Market Share by Hotel Type (Percent), 2024 – 2030
- Table-03: Saudi Arabia Hotel Volume Share by Type (Percent), 2017 – 2022
- Table-04: Saudi Arabia – Forecast for Hotel Volume Share by Type (Percent), 2024 – 2030
- Table-05: Saudi Arabia Hotel Market Share by Ordering Platform (Percent), 2018 – 2023
- Table-06: Saudi Arabia – Forecast for Hotel Market Share by Ordering Platform (Percent), 2024 – 2030
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