Stirling Hospitality Advisors Launches ‘RAK Investment Pulse’ revealing ground-breaking research
Stirling Hospitality Advisors, one of the leading boutique advisory firms in the region, announces the launch of Ras Al Khaimah (RAK) Investment Pulse, the quarterly research packed newsletter designed to serve as guide through the vibrant landscape of Ras Al Khaimah’s hospitality industry. With a keen focus on the Emirate’s rapid and progressive growth, the inaugural edition was led by Erni Wijaya, Asset Manager at Stirling Hospitality Advisors. RAK Investment Pulse offers invaluable insights into the past year’s developments and a forward-looking perspective.
Tatiana Veller, Managing Director of Stirling Hospitality Advisors said: “Our mission is to deliver timely, accurate, and impartial data on hospitality investment landscape and hotel performance in Ras Al Khaimah to the business community. Our goal is to empower investors with the knowledge needed to make informed decisions, fostering growth, trust, and prosperity within the market.”
Ras Al Khaimah (RAK) is committed to nurturing a sustainable tourism industry, with a vision to attract over three million annual visitors by 2030. To achieve this ambitious target, various strategies were set in motion that position RAK as a preferred destination. With the growing interest to the Emirate from the international traveler community, 2023 saw a notable 15% increase in Revenue per Available Room (RevPAR) compared to last year, reaching AED 383, stemming from a 20% rise in occupancy.
Looking ahead, between 2024 and 2027, hotel room inventory in RAK is anticipated to double, with nearly 7,000 keys set to be added to the existing count of just over 7,000. Another 1,000 keys are already under discussion to open by or before 2030. 88% of the 18 hotels in the pipeline are 5-star, with the balance distributed among 3- and 4-star categories. This expansion will result in 68% of RAK’s hotel inventory in 2027 being 5-star properties, while 69% of all hotel rooms will be located in Al Marjan Island. The Emirate will soon boast over 15 international hotel operators, including newcomers like Wynn, Marriott, Nobu, Nikki Beach, Millennium, and 3-star properties under the home-grown brands like Rove.
Upon analysing both current and projected hotel supply against the demand for overnight stays, it is estimated that RAK could comfortably accommodate an additional over 10,000 keys by 2030, across all hotel categories from select-service to ultra-luxury.
Besides hospitality and leisure attraction offerings, diversifying investments into residential, retail, food & beverage outlets, and other asset classes such as staff accommodation, education, healthcare, is a promising market strategy for catering to the growing population and visitor influx in Ras Al Khaimah.
Alison Grinnell, CEO of RAK Hospitality Holding, commented: “RAK Investment Pulse newsletter fills a crucial need for reliable information and insights. It’s time for the world to stay updated on the remarkable growth and development in this dynamic region.”
Stirling Hospitality Advisors has conducted multiple Feasibility and Highest & Best Use Studies, Operator Searches and Negotiations, Strategy Advisory assignments across the region for various hospitality, wellness and mixed-use projects. Currently, the advisory firm asset manages over 3,500 hotel rooms in three countries and is responsible for a hotel and resort portfolio valued at over USD 1.25 billion.
Fact Box:
To learn more, please register for the RAK Investment Pulse Webinar:
Webinar registration link: https://events.teams.microsoft.com/event/972e89ca-ac8b-4061-a1f6-1568624a3ade@b097daf4-c6e3-49ae-8cd1-efdac601eeed
Date: Thursday, 28 March 2024
Time: 12:00-12:40pm GST
*The presentation will be sent to each attendee’s registered email address once the webinar is over. Alternatively, guests can complete the response form belowto request the full report without attending the webinar: https://forms.gle/e28YR6kNNyZRujKX6
Last Updated on 10 months by News Desk 1
