Post on 28-Aug-2019
Ras Al Khaimah- The Emirate of Opportunities
March 2016
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International
Table of Contents
2
INTRODUCTION
DEMAND DRIVERS
DEMAND CHARACTERISTICS
HOSPITALITY SUPPLY
MARKET TRENDS
GUEST EXPERIENCE INDEXTM
RETURN ON INVESTMENT
ANALYSIS
3
4
5
6
7
8
9
CONCLUSION 10
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International
IntroductionMACRO LOCATION OF RAS AL KHAIMAH
3
REPORT OVERVIEW
Ras Al Khaimah (RAK), the fourth largest and northern
most emirate of the United Arab Emirates, has
experienced rapid economic growth in recent years.
The emirate is strategically located within proximity to
several major routes and demand generators and only
45 minutes from Dubai International Airport. The
emirate is renowned for its unique topography and
landscapes from the highest mountain in the UAE,
terracotta deserts to lush mangroves, white sandy
beaches and the longest stretch of coastline in the UAE.
In this paper, we examine the hospitality market of Ras
Al Khaimah, paying particular attention to upcoming
demand drivers, the characteristics of supply, key
performance indicators and return on investment.
TOURISM IN RAS AL KHAIMAH
Tourism is one of Ras Al Khaimah s most important
economic sectors and is considered a key engine for
continued GDP growth and job creation. In 2015, Ras Al
Khaimah welcomed 740,383 visitors and recorded a
13% rise in total tourism revenues.
As the emirate continues expansion plans to meet its
growth targets, several large-scale developments have
been announced which are expected to raise its tourism
profile and further build Ras Al Khaimah s position as a
leading leisure destination.
RAS AL KHAIMAH TOURISM DEVELOPMENT
AUTHORITY
Ras Al Khaimah Tourism Development Authority (RAK
TDA), was established in May 2011 as a government
entity to develop and promote the emirates tourism
infrastructure, both domestically and abroad.
RAK TDA has recently launched its three year tourism
strategy Destination Ras Al Khaimah 2019 , which sets
out a new agenda to ensure the long-term success and
viability of this rising sector.
Source: Colliers International
Dubai
Abu Dhabi
Mega Projects
Natural Beaches Luxury HotelsN
E
S
W
Population 416,600
Size 1,684 sq km
Coastline 64 km
Ras Al Khaimah
Rich Heritage
KEY MESSAGE• Dedicated tourism authority aiming to grow tourism into
the leading socio-economic driver under the Destination
Ras Al Khaimah 2019 strategic plan
Source: RAKTDA, Colliers International
MISSIONAdvance the development of a
sustainable and competitive
tourism industry to achieve 2018
targets
VISIONCompelling destination for visitors
seeking authentic, cultural,
historical and natural Arabian
experiences
RAKTDA STRATEGIC TARGETS FOR 2018
1 millionTotal Visitors
15,000 employeesTourism Employment
AED 2.4 billionTourism Revenues
Diverse Landscape
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International
Roads Under Development / Partially Developed
Al Marjan Island
Al Hamra Village
Mina Al Arab
Al Hamra
Industrial Area
Al Jazira Al Hamra
Khor Al Jazira
Qawasim Corniche
80 km to Dubai International Airport 40 km to Oman
Ras Al Khaimah
International Airport
RAK City
Khor Hulaylah
67 km to Sharjah International Airport
Ice Land
Water Park
RAK Mall
RAK Shooting Club
Tower Links
Golf Club
Leisure Demand Generators
Falcon Island
RAK Museum
Al Hamra
Golf Club
N
ES
W
Jabel Jais
Wadi KhadijaKhatt Springs
Demand Drivers
4
Source: Colliers International
RAS AL KHAIMAH DEMAND GENERATORS
The E 311 and E 611 highways connect Dubai and Abu Dhabi to RAK.
RAK International Airport (25 km from city centre) has two passenger terminal buildings and a cargo terminal facility. The airport was
also recently chosen as a location for the Bollywood movie Airlift .
RAK is home to five seaports and several marinas.
EXCELLENT ACCESSIBILITY
Al Marjan Island
• A collection of four pristine man-made islands, set to
feature upscale mixed use development with waterfront
homes, luxurious hotels and resorts, marinas, private
beaches, leisure, retail and recreational facilities.
Mina Al Arab
• The natural coastal wetlands is home to a variety of
fascinating marine life, hence the mixed-use development
by RAK Properties is devoted to preserving and
showcasing the beauty of nature through eco reserves and
nature trails. The Anantara Mangroves Resort and Marine
Life Reserve are set to open by 2019.
Falcon Island
• A man‐made island, developed in line with LEED
certification, is set in the centre of the Al Hamra Village
featuring a Venetian‐style canal, alongside private beaches
and parks. The island will feature a luxury hotel
development.
Leisure
Demand
• The city of Ras Al Khaimah is divided into two parts by a
natural creek. RAK City mainly consists of government
departments and residential neighbourhoods, as well as
several shopping malls, two museums, the Tower Links
Golf Club and RAK Shooting Club.
Ras Al Khaimah City
• Al Hamra Village, a residential development, offers a variety of activities, including the Al Hamra Golf Club, four inter‐connected lagoons, the 200‐berth Al Hamra Marina & Yacht Club, as well as the Al Hamra Mall.
Al Hamra Village
• RAK s cement company is the largest producer in the UAE and it is the leading producer of ceramics worldwide (exporting to over 160 countries).
• The Ras Al Khaimah Investment Authority (RAKIA) has developed the Industrial Parks and Free Zones to host multiple industries and businesses who wish to conduct their business with 100% foreign ownership and tax-free.
Free Zones
• Al Qawasim Corniche, developed by the RAKTDA, extends for 4 km and includes a number of restaurants, children's areas, cycling tracks and RAK International Marine Club.
• The historic center of Ras Al Khaimah city will be developed and managed as a cultural heritage conservation area. Work is already underway to explore the potential of developing archaeological parks at historic sites with dedicated visitor centers.
Historic Quarter
DISTINCTIVE COMMUNITIES EXCITING CURRENT/UPCOMING SCHEMES
Corporate
Demand
KEY MESSAGE• Strategic location with easy access from Dubai
International Airport.
• Upcoming developments featuring distinctive residential
and hotel supply to reinforce leisure demand.
Jebel Al Jais, Desert and Hot Springs
• Plans are underway to develop a world class mixed use
development in Jebel Al Jais with a luxury mountain
resort.
• The eco reserve of Wadi Khadeja is home to the celebrated
Banyan Tree Al Wadi. Additional opportunities exist for
boutique hotels and luxury camping resorts in this area.
• The Khatt Springs area is a key development zone
identified for thermal tourism development and wellness
holidays. The natural springs have proven therapeutic
benefits and are unique to the UAE.
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International
20%
30%
40%
50%
60%
70%
80%
90%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Occupancy%
Demand
CharacteristicsLEISURE DESTINATION
Ras al Khaimah is predominantly a leisure destination, driven
by both the domestic and international market. Leisure
guests account for up to 90% of demand in beach and desert
resorts, which comprise the largest segment of supply.
AIRPORT EXPANSION
A large volume of international visitors to Ras Al Khaimah
arrive via Dubai airport, being only 45 minutes away. Despite
this, Ras Al Khaimah International Airport has seen a 17%
growth in passenger numbers in 2015, compared to the
previous year due to an increase in flight movements and
charters from Germany, Russia and Poland.
RAK TDA has signed agreements with several key partners
to grow international visitation, including Royal Brunei,
Emirates and Air Arabia. Additionally, Qatar Airways, with
flights to over 140 destinations, launched a new service
earlier this year. The Indian low cost carrier, Air India
Express, is expected to launch operations to the airport later
this year.
A new building linking the departure and arrival terminals is
set to complete in the first quarter of 2016, as will a new
terminal being developed in conjunction with cargo partner
SKA Group. Designs have also recently been completed for a
new VIP terminal, scheduled to be built by the first quarter of
2017.
INCREASING VISITOR ARRIVALS
Visitor numbers grew by 5.7% from 2014, and are estimated
to grow by a further 11% in 2016. RAKDTA has set a target
to reach 1 million visitors by the end of 2018.
5
UAE
45.2%
Germany
9.8%
India
4%
UK
4.8%
Russia
4.5%
Source: RAKTDA, Colliers International
Source: RAKTDA, Colliers International
OCCUPANCY SEASONALITY 2015
Source: RAKTDA, Colliers International
Others
31.7%
ESTABLISHED SEASONALITY
The peak season in Ras Al Khaimah runs from September to
May. Hotels experience a drop in occupancy only during the
Holy month of Ramadan, as is common in the UAE hospitality
market.
AVERAGE LENGTH OF STAY
The overall average length of stay for Ras Al Khaimah was
3.18 nights in 2015. International visitors have much
longer length of stays at 4.3 nights, while UAE residents
stay for an average of 1.8 nights.
Ramadan 2015
Peak SeasonNUMBER OF VISITORS
2013
2014
2015 740,383
538,000
700,706
2016
2018
820,000
1,000,000
FORECAST
TARGET
2015 3.18 nights
DIVERSIFIED SOURCE MARKETS
UAE residents remain a key source market for Ras Al
Khaimah, representing nearly half of total visitation, while
Germany remains number one for international inbound
market. Visitation from the UK grew by 24.7% in 2015,
overtaking Russia for international visitors. The largest
increase in visitors comes from the Indian source market,
with a rise of 54.7% compared to 2014.
KEY MESSAGE• Annual growth of 17% in visitor arrivals since 2013 is
expected to continue rising as upcoming
developments reach completion.
• Domestic, leisure based demand represents the
largest source of visitation however the past 12
months have seen increased international demand.
SOURCE
MARKET
SHARE
2015
Source: RAKTDA, Colliers International
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International
0% 20% 40% 60% 80% 100%
5-Star 4-Star 3-Star 2-Star 1-Star Standard SA
Hospitality SupplyCURRENT SUPPLY
The Ras Al Khaimah hospitality market consists of a
mixture of hotels and resorts, serviced apartments and
guest houses. The majority of guest houses, serviced
apartments and city hotels are located in or in close
proximity to RAK City. Resorts, which dominate the
market, are typically located towards the south of the
coastline as part of upcoming developments, as well as
two desert resorts.
The 5-star segment accounts for the highest volume of
properties and keys (58% of total supply), of which 87%
are internationally branded, resort properties. Hotels in
the 4-star segment are a mixture of city hotels and
resorts, whereas all 3-star hotels are located in the city
and are owner operated.
Resort properties (5-star) have an average of 314 keys,
while city hotels have an average of 55 keys.
SERVICED APARTMENTS
The serviced apartment sector in Ras Al Khaimah is
limited, with 7 properties currently in operation. Majority
of the properties are located in RAK City, with an
average size of 45 keys. No new supply has been
announced in this segment, suggesting a possible
market gap.
GROWTH IN SUPPLY
The hospitality market witnessed the largest increase in
supply in 2014, with a 42% increase in keys compared
to 2013, due to the opening of new properties, such as
the Waldorf Astoria and resort properties on Marjan
Island.
RAKTDA expects the market size to reach 12,000 keys
by 2020. Approximately 4,040 keys have already been
announced to open in the next 5 years and an additional
2,841 keys are expected to be announced shortly
according to the RAKTDA.
The hotel market is led by Hilton Worldwide, which
currently operates 5 properties. InterContinental Hotels
Group (IHG) is expected to make a strong entrance in
the market with the InterContinental Mina Al Arab and
the Crowne Plaza Resort, expected to open before
2020. Other notable entries to the market include the
expected opening of the Marriott Resort and Uniqorn
Resort Marjan Island.
Source: RAKTDANote: The graph includes forthcoming supply according to RAKTDA, part of which is yet to be announced.
6
By Rating
HOSPITALITY SUPPLY CHARACTERISTICS
Beach &
Desert Resorts
3,274 keys
Serviced
Apartments
316 keys
Guest
Houses
241 keys
City
Hotels
1,553 keys
EVOLUTION OF SUPPLY
Total Hospitality Supply 5,384 keys
By Operator
By Property
58% 32% 2% 2% 6%1%
0 1,000 2,000
Current Supply (No. of Keys) Future Supply (No. of Keys)
Source: RAKTDA, STR, Colliers InternationalNote: Current supply does not take into consideration properties currently under renovation, future supply only includes announced supply as of February 2016
KEY MESSAGE• Presence of internationally branded, 5-star resort
properties with opportunities to develop further
as mega projects reach completion.
• Limited number of quality hotels and serviced
apartments in city centre and desert resorts.
• Market gap for serviced apartment component
within resort properties to cater to families.
• Opportunity to develop eco-friendly desert
resorts and luxury mountain resorts.
SA
5,384 5,9326,729 6,954
9,122
12,000
2015 2016(f) 2017(f) 2018(f) 2019(f) 2020(f)
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International
Market Trends
Source: Colliers International
REVENUE MIX
% contribution to total property revenue
F&B
4
8 %
ANCILLARY
ROOMS
5 8 -6 3 %3 5 -3 8 %
2 4%
7
CURRENT PERFORMANCE
In 2014, the Ras Al Khaimah hospitality market
experienced a softening in performance due to the
increase in supply entering the market and the changing
source market conditions.
In 2015, however, the hotel market demonstrated an
impressive progression compared to 2014 as visitation
increased and performance of new hotel openings
stabilised. Consequently, hotels in Ras Al Khaimah
reported:
• A 3.3% increase in occupancy rates, reaching
64.7% in 2015
• Average daily rate growth of 7% on 2014
• Highest increase in RevPAR in five years, up by 10%
• 12.1% increase in room revenues
• A 14.4% increase in F&B revenues
The growth in performance was demonstrated across
both types of properties resorts and city hotels. Ras
Al Khaimah resorts achieve a higher ADR due to the
large concentration of internationally, branded 5-star
supply in the resort segment, while city hotels, the
majority of which are unbranded, tend to target
corporate demand and price sensitive customers.
• Large room sizes to accommodate GCC source
market demand.
• Greater proportion of suites and connected rooms.
KEY PERFORMANCE INDICATORS
OCC%
ADR (USD)
RevPAR(USD)
RESORTS CITY HOTELS
2014 2015 2014 2015
62% 65%
164.6 169.2
103.5 110.1
62% 64%
70.5 72.2
46.644.4
Source: RAKTDA, Colliers International
FACILITY MIX
KEY MESSAGE• Hotel performance has withstood increases in
hotel supply and changing source market
conditions.
• Resort performance indicates further
opportunities to develop destination hotels with
extensive range of leisure and wellness facilities.
• Opportunities exist to develop luxury mountain
resorts, serviced apartments and additional city
hotels.
• High F&B contribution due to lack of significant food and beverage
offerings outside of hotels
• Meeting facilities predominately in city hotels while resorts tend to
offer large banqueting space.
• Resort hotels feature luxurious spas with an average of 8 treatment
rooms and extensive leisure facilities.
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International7
Guest Experience IndexTM
The Guest Experience Index (GEI) has been developed by Olery in conjunction with the VU University Amsterdam and
indicates guests general perceptions of a property s quality, on a scale from 1 to 100 (with 100 being the perfect top score).
This section analyses online guest ratings from January 2016 which have been extracted by Olery and captures a number
of scoring matrices from various review sites and online travel agents.
Ras Al Khaimah achieved an overall Guest Experience Index Score of 75, from a total of 3,066 reviews.
Source: Olery, Colliers InternationalSource: Olery, Colliers InternationalNote: Other category includes solo, friends, business and groups
By Nationality
RATING BY TYPE OF BRANDING
Overall
Unbranded
Locally
Branded
Regionally
Branded
Internationally
Branded
GEIRoom
Rating
Value
RatingService
Rating
Location
Rating
Cleanliness
Rating
92%Leisure Trips
8%Business
Trips
N
ES
W
78.8Resorts
75.1Ras Al
Khaimah
71.8City Hotels
66.3Serviced
Apartments
Score out of 100
Overall Market
N
ES
W
46%Families 41%
Couples
13%Others
SOURCE OF REVIEWS
Type of Trip Travel Composition
TYPE OF GUEST
87% of reviews received were from guests travelling
as families and couples, with 92% of all reviews from
those travelling for leisure purposes.
The highest number of reviews were received from
guests travelling from the UAE, followed by UK and
Germany. However, guests from Russia and Germany
tend to assign a higher score to the property than
guests originating from UAE.
TYPE OF PROPERTY
Ras Al Khaimah s 5-star resorts achieved the highest
GEI rating of 78.8. The lower score in the hotel
apartment segment is indicative of the gap within the
quality, deluxe serviced apartments segment.
Scores reveal that Internationally branded properties
in Ras Al Khaimah receive the highest score, in
particular due to the rooms and service. Unbranded
properties obtain the lowest GEI score, however are
rating highly on value and location, as most unbranded
properties in Ras Al Khaimah are located within the
city centre and offer lower rates.
GEI SCORE BY TYPE OF PROPERTY
Source: Olery, Colliers International
KEY MESSAGE• Majority of reviews received are from families and
couples on leisure trips.
• Low GEI scores of city hotels and serviced apartments
is indicative of the need for upgrading of properties.
75 80 76 80 80 83
82 86 80 85 82 87
79 85 76 84 79 87
72 73 65 81 70 88
69 71 82 67 85 71
81 86 85
8582
88
Rank Source of Review Average Rating
1 United Arab Emirates 74
2 United Kingdom 78
3 Germany 79
4 Saudi Arabia 76
5 Russian Federation 82
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International
Return on Investment Analysis
8
Occupancy
(%)
Average Daily
Rate
(USD)
RevPAR
(USD)
Profit Conversion
(%)
Site Acquisition
and Construction
Cost
( 000 USD)
Equity IRR
(%)
ESTIMATE OF POTENTIAL RETURNS FOR A HYPOTHETICAL 200 KEY HOTEL INVESTMENT
Al Marjan Island
Ras Al Khaimah
Palm Jumeirah
Dubai
Saadiyat Island
Abu Dhabi
70% 78% 73%
232 381 272
162 298 199
40% 32% 32%
75,777 106,948 79,700
16.1% 16.2% 14.9%
Al Marjan Island Palm Jumeirah Saadiyat Island
Notes:1. Based on a 200 key hypothetical hotel in each of the mentioned locations
2. Assumed the hotels are managed by an International Hotel Operator3. Assumed Upper Upscale Positioning4. IRR has been calculated using a 50:50 Debt to Equity assumption
Disclaimer:The Projections provided with respect to each of the hypothetical hotels areestimates only, and are based upon Colliers opinion on how each of thehypothetical hotels could perform within the respective markets. Estimateshave also been made regarding land acquisition and construction costs persubmarket.
In this section we explore the potential return on investment that exists from hotel development within the Emirate of RAK at
present. Our analysis focuses on the Marjan Island development within RAK, which is well known for being home to a
number of high-end beach hotels. For comparison purposes, we have also carried out a similar exercise on two other well
known resort areas within the UAE, namely, Palm Jumeirah, Dubai and Saadiyat Island, Abu Dhabi.
KEY MESSAGE• Although not as well known internationally as the Emirates of Dubai
and Abu Dhabi, Ras Al Khaimah can offer similar attractive hotel
investment returns for Owners/ Developers.
• In RAK, beach resorts (in particular), have shown high profit
conversion when compared to other similar regional markets.
• Good levels of profitability, along with more affordable land prices,
offer hotel investors in RAK the opportunity to achieve attractive
returns.
Source: Colliers International
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International
Conclusion
• Ras Al Khaimah s free trade zone has zero tax on income and capital gains as well as no property transfer or value-added tax.
• Although not as well known internationally as the Emirates of Dubai and Abu Dhabi, Ras Al Khaimah can offer similar attractive hotel
investment returns for Owners/ Developers
• Good levels of profitability, along with more affordable land prices, offer hotel investors in RAK the opportunity to achieve attractive
returns
• RAK benefits from leisure demand, nearly half of which generates from the domestic market.
• The emirate offers a variety of unique features, with the longest stretch of coastline and tallest mountain in the UAE, cultural and heritage
sites and diverse landscapes.
• Upcoming mega projects, including further development of the popular Al Marjan Island and Mina Al Arab developments.
• RAK International Airport, 25 km from the city centre, services a diverse range of source markets and is set for expansion.
• 45 mins from Dubai International Airport.
• The emirate has 5 seaports and several marinas.
10
DEVELOPMENT OPPORTUNITIES
Focus on unique F&B
concepts to act as a
draw factor for the
hotel
Trendy F&B Offers
Branded City Hotels
Simple and efficient in
design, with modern
amenities and meeting
facilities
• Increase in guest visitation by 6% and tourism revenues by 13% in 2015.
• Dedicated tourism authority aiming to grow tourism into the leading socio-economic driver under the Destination Ras Al Khaimah 2019
strategic plan.
• Existing and forthcoming supply of quality, internationally branded resorts along the coastline.
• Hotel performance has withstood increases in hotel supply and changing source market conditions.
• Strong performance of Ras Al Khaimah hospitality market, with the highest RevPAR recorded in 2015 over the last five years.
Ecotourism
Opportunity to further
develop sustainable, eco-
friendly desert and mountain
resorts and luxury camping
Destination Hotels
Opportunity to further
develop resort properties
offering an extensive range of
leisure and wellness facilities
Serviced Apartments
Serviced apartment
component within
resort properties to
cater to families
Opportunity to
introduce new F&B
concepts through
leasing or franchises
Market gap for
branded serviced
apartments in the
city-centre
FOCUS ON TOURISM
EASE OF ACCESSIBILITY
LEISURE DEMAND
GROWTH IN HOSPITALITY PERFORMANCE
INVESTOR FRIENDLY & ATTRACTIVE POTENTIAL RETURNS
Source: Colliers International
Resort development
zones include coastal,
desert and mountain
areas
Opportunity to further
develop wellness resorts
around natural thermal
springs
Ras Al Khaimah | Mar 2016 | Hotels | Colliers International11
Colliers International Hotels
Colliers International Hotels division is a global network of specialist consultants in hotel, resort,
marina, golf, leisure and spa sectors, dedicated to providing strategic advisory services to owners,
developers and government institutions to extract best values from projects and assets. The
foundation of our service is the hands-on experience of our team combined with the intelligence and
resources of global practice. Through effective management of the hospitality process, Colliers
delivers tangible financial benefits to clients. With offices in Dubai, Abu Dhabi, Jeddah, Riyadh and
Cairo, Colliers International Hotels combines global expertise with local market knowledge.
SERVICES AT A GLANCE
The team can advise throughout the key phases and lifecycle of projects
• Destination / Tourism / Resort / Brand Strategy
• Market and Financial Feasibility Study
• Development Consultancy & Highest and Best Use Analysis
• Operator Search, Selection and Contract Negotiation
• Pre-Opening Budget Analysis and Operational Business Plan
• Owner Representative / Asset Management / Lenders Asset Monitoring
• Site and Asset Investment Sale and Acquisition/Due Diligence
• RICS Valuations for Finance Purposes and IPOs
Our hotels team in the MENA region:
$9 39,200 8,880billion keys Hotel keys
investment value of valued under asset management
projects advised
About Colliers InternationalColliers International is a global leader in commercial real estate services, with over 16,300 professionals operating out of more than 502 offices in 67 countries. Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services and insightful research. The latest annual survey by the LipseyCompany ranked Colliers International as the second-most recognized commercial real estate firm in the world. In MENA Colliers International has provided leading advisory services through its regional offices since 1996. Colliers International currently has four corporate offices in the region located in Dubai, Abu Dhabi, Riyadh and Jeddah.
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ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
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