By John Lee.
According to property consultancy Colliers, there is a “clear market opportunity” to develop branded hotel projects in Erbil.
Construction Weekly Online reports occupancy rates are increasing, and the construction of a new airport in the city has had a positive effect on the numbers of both business and leisure tourists.
The total number of people using the airport more than doubled from 435,469 in 2010 to 947,600 last year.
Revenues per available room increased from $119 in 2010 to $179 in 2011 and $216 last year, with Colliers forecasting a further increase to $233 this year.
The firm’s report states that domestic visitors make up the bulk of the numbers, but added that “international visitation is on the rise given the importance of Erbil as a safe business destination in Iraq”.
Operators such as Hilton and Best Western have already announced plans to open in the city.
(Source: Construction Week Online)
(Picture: Best Western, Erbil)