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1、Unlocking the investment potential in Saudi Arabias hotel industryJLL Hotels and Hospitality R the investment potential in Saudi Arabias hotel industryKey findingsSaudi Arabias tourism industry is gaining international attention,with the Middle East and Africa showing stronger Revenue Per Available

2、Room(RevPAR)growth than other regions since 2019.Saudi Arabia ranks among the top five countries in the region for this metric.The National Tourism Strategy,launched in 2016,aims to enhance GDP through tourism.Legislative changes and government investments have produced immediate results,particularl

3、y in tier one cities(Riyadh,Jeddah,Makkah&Madinah,and the Dammam Metropolitan Area).Although private capital is yet to contribute to the growth of the sector,the Saudi government has established an investment ecosystem to support tourism development.This includes the Tourism Development Fund and var

4、ious programs offering debt and equity support.Emerging tier two cities account for 23%of overall visitor numbers,presenting significant opportunities for the private sector to develop new attractions in these underserved markets.This paper examines the potential yield impact of available investment

5、 incentives,emphasizing Saudi Arabias ongoing appeal to investors in the coming years.123452 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Unlocking the investment potential in Saudi Arabias hotel industryGlobal hotel industry:Destination dynamics drives hotel performance growth JLLs annual Glo

6、bal Hotel Investment Outlook 2025,examines key trends shaping the global hospitality industry.In 2024,RevPAR grew 3%compared to the prior year driven predominantly by increased average rates(ADR).Most of the growth was in urban markets driven by accelerating growth in group,business,and internationa

7、l travel.Though RevPAR grew in all regions,performance remains uneven,with Asia Pacific(APAC)still lagging 10%behind 2019 levels while the Americas,Europe,and the Middle East have all fully recovered,with RevPAR growth ranging from 18%to 28%.Hotel supply growth post-covid has been somewhat mixed acr

8、oss the regions,with a CAGR between 2019 2024 globally of 4%.The Americas experienced moderate growth,with a focus on select-service and extended-stay hotels in North America,while Mexico and the Caribbean led growth in Latin America.Europe saw cautious but steady growth,particularly in leisure mark

9、ets while,Asia-Pacific demonstrated diverse recovery rates,with China and Southeast Asian countries leading the charge.The MENA region,led by Gulf countries,maintained strong hotel supply growth post-COVID.The Middle East focused on luxury and upper-upscale properties,backed by tourism investments a

10、nd major events.North Africa showed slower but promising growth,particularly in eco-tourism markets.Overall,the region emphasised high-end developments catering to both business and leisure travelers.2019 vs 20242023 vs 2024Middle East&Africa28%5%Europe25%6%Americas18%2%World15%3%Asia Pacific-12%0%R

11、evPAR growth by regionSource:STR3 2025 Jones Lang LaSalle IP,Inc.All rights reserved.At the forefront of this growth in MENA are major development projects in Saudi Arabia.Currently,the country has approximately 160,000 hotel keys of quality supply in operation.Announced private and government-led d

12、evelopments are projected to contribute an additional 106,000 keys across the country.These 106,000 keys dwarf the second largest development market,which is the UAE at c.27,000 rooms.In fact,the supply additions of Saudi Arabia account for 58%of the entire MENA additions by 2028.These keys are plan

13、ned in alignment with the Vision 2030 National Tourism Strategy,which aims to attract 150 million tourists by 2030.The realization of these projects would position Saudi Arabia as the largest tourism destination in the region.3%1%3%8%4%1%2%4%1%2%0%1%2%3%4%5%6%7%8%EuropeAmericasMENAAPACWorldCAGR 2019

14、-2024CAGR 2024-2028Supply GrowthHotel supply growth by region Source:JLL Research,STR4 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Unlocking the investment potential in Saudi Arabias hotel industryUnlocking the investment potential in Saudi Arabias hotel industryThe transformation of Saudi Ar

15、abias tourism industry Saudi Arabias National Tourism Strategy,launched in 2016,aims to diversify the countrys revenue streams by making tourism a key economic contributor.Growing the tourism sectors GDP contribution to 10%was set as the original goal by 2030.This objective was pursued by launching

16、various projects catering to leisure,corporate,and Hajj and Umrah tourism across the country.As these projects began to materialize,their impact became evident.According to the International Monetary Funds(IMF)latest publication(September 2024),tourisms GDP contribution increased to 11.5%in 2023,sur

17、passing the 2030 target.This success has led to a revised forecast,projecting tourism contribution to GDP to reach approximately 16%by 2034.Data from the Ministry of Tourism also underscores the effectiveness of new policies and incentives aimed at driving the tourism sector,such as the introduction

18、 of the tourist visa,and the development of leisure attractions like the Riyadh and Jeddah Seasons.These have significantly boosted tourism since the National Tourism Strategy was unveiled.Since the launch of the tourist visa in 2019 international visitation growth has outpaced domestic visitation g

19、rowth at 14.4%vs.13.7%annually.While the market remains reliant on domestic visitation,it is striking to see the impact of these initiatives paired with the evolution of the events calendar,despite transformational projects not having launched yet.1816151843172745444448426478820204060801001202016201

20、7201820192020202120222023Inbound TourismDomestic TourismVisitor Arrivals(in thousands)Visitor arrivals to Saudi ArabiaSource:Ministry of TourismGovernment initiatives drive visitor numbers5 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Accelerated growth through strategic infrastructure investm

21、ents Significant infrastructure projects to boost the tourism sector are currently underway in the Kingdom.These largely focus on enhancing global connectivity and include projects like the redevelopment and expansion of King Salmans International Airport in Riyadh and the completion of King Abdulaz

22、iz International Airport in Jeddah.A transformational plan for King Salman International Airport,located in Riyadh,is currently in the making as part of the Saudi Aviation Strategy.As the base for Riyadh Air(with a launch date of 2025),the airport is being designed to build global connections to ove

23、r 250 locations,while attracting over 330 million passengers by 2030.Additionally,a nationwide initiative is underway to enhance the capacity and connectivity of domestic airports,facilitating easier exploration of the Kingdoms diverse attractions.Recent examples include the introduction of the Red

24、Sea Airport,which currently serves 10 routes,and is expected to expand further.The urban infrastructure of cities is also seeing significant upgrades,with the Riyadh Metro system leading the charge.This complements existing networks such as the Haramain Highspeed Railway,which connects Makkah,Madina

25、h and Jeddah with most major cities along the countrys east-west axis.These improvements are crucial to the countrys ambition of becoming a regional hub,a central component of its National Tourism Strategy.The Kingdom is following in the footprints of regional success stories like Dubai and Abu Dhab

26、i,as well as global leaders such as Singapore,where superior connectivity has boosted tourism.Taking Dubai as an example,through continued investment in the sector alongside wider destination investment plans,an economic impact study conducted by Oxford Economics in 2024 highlights that as much as 2

27、7%of the citys GDP is powered by the aviation sector.The World Economic Forums(WEF)Tourism&Travel Competitiveness report reflects Saudi Arabias progress.The Kingdom has leapt from 69th place globally in 2019 to 41st in their latest report released in 2024.Currently 60%of the worlds population can vi

28、sit the country within an eight-hour flight.To further drive tourism,Saudi Arabia will be hosting major global events such as the 2027 Asian Cup,World Expo 2030,and the FIFA World Cup 2034.These events are expected to catalyze continued tourism development and elevate the countrys global profile.6 2

29、025 Jones Lang LaSalle IP,Inc.All rights reserved.Unlocking the investment potential in Saudi Arabias hotel industryUnlocking the investment potential in Saudi Arabias hotel industrySaudi Arabian cities experience robust growth in hospitality sectorIn recent years,Saudi Arabias hotel market has capt

30、ured global attention,primarily due to ambitious tourism projects aligned with Vision 2030.A closer examination of hotel performance in Tier one Saudi cities during 2024 reveals a market that not only competes with but often outperforms some of the worlds most established tourist destinations.This r

31、obust performance has sparked significant investment interest,particularly from regional investors.50100150200250300ParisNew YorkLondonGenevaSingaporeMiamiBarcelonaTokyoRiyadhMadinahDubaiAmsterdamSydneyLos AngelesMakkahJeddahMumbaiCape TownBerlinMexico CityRio de JaneiroBangkokDMARevPAR(in USD)2024

32、RevPAR in select global cities(USD)Source:STR7 2025 Jones Lang LaSalle IP,Inc.All rights reserved.As with any major tourism destination,each Saudi market presents its own unique set of challenges and opportunities.This section examines the nuances of key Saudi cities.Riyadhs hospitality sector has g

33、rown significantly,with RevPAR increasing over 9%annually since 2019,aligning with the citys development.Historically reliant on corporate travelers,Riyadh has diversified its appeal through initiatives like Riyadh Season,a series of leisure and entertainment events.The city also hosts major governm

34、ent-related gatherings(such as the Future Investment Initiative)and geopolitical summits,cementing its position as a regional hub.This expanding array of demand drivers has sparked numerous large-scale hotel development projects across the city,designed to meet current needs and drive future growth

35、in the hospitality sector.Jeddah,once a top global RevPAR performer due to royal court relocations and associated corporate spending,is undergoing a sector repositioning.As government hotel spending policies change,the city is diversifying its hospitality strategy beyond singular segments.This trans

36、ition mirrors Riyadhs 2022 repositioning,with giga projects and private developments focusing on expanding the leisure segment.The overall sentiment remains positive,with Jeddahs RevPAR growth trajectory expected to follow Riyadhs pattern from three years ago.The Holy Cities of Makkah and Madinah ha

37、ve undergone a significant transformation in their hospitality sectors,driven by government initiatives such as the Nusuk platform.This digital solution has streamlined visa applications,shifting the market from traditional allotment packages to direct bookings,which now comprise over 30%of central

38、area reservations.Consequently,both cities have experienced a flight to quality and improved yield management.This evolution has led to impressive RevPAR growth,with Makkah and Madinah recording CAGRs of 12%and 21%respectively since 2022.To address persistent capacity constraints,both cities are pur

39、suing ambitious expansion plans,including quality-focused developments like Rua Al Madinah.These projects aim to elevate the guest experience,attract premium hotel brands,and sustain the strong growth trajectory in these pivotal tourism markets8 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Unl

40、ocking the investment potential in Saudi Arabias hotel industry8Unlocking the investment potential in Saudi Arabias hotel industryThe Dammam Metropolitan Area,comprising of Dammam,Al Khobar,and Dhahran,is the economic center of Saudi Arabias Eastern Province and home to Aramcos headquarters.While re

41、cent development focus has been on other Tier one cities,the tourism landscape in the DMA is set to change.Major developments under the Saudi Entertainment Ventures(SEVEN)are expected to revitalize the areas entertainment sector.This initiative,coupled with the need to update aging hotel inventory,p

42、resents an opportunity to reshape the markets leading properties.Saudi Arabias tier two cities,encompassing provincial capitals and key development areas like Taif and Al Ahsa,represent untapped potential in the Kingdoms hospitality sector.These destinations,rich in UNESCO sites and cultural heritag

43、e,primarily cater to domestic tourism but remain largely undiscovered by international travelers.The current accommodation landscape in these cities is dominated by unbranded,lower-quality options,with international hotel chains yet to establish a significant presence.However,robust domestic demand

44、signals strong growth potential for each destinations unique offerings.To catalyze development,the government is implementing integrated tourism masterplans for these cities.These initiatives include investment incentives and debt support to encourage private sector participation in both planned mas

45、terplan projects and standalone developments.This strategic approach aims to overcome entry barriers and accelerate the growth of these emerging hospitality markets,positioning them for future domestic and international success.9 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Accommodation trend

46、s signal prime investment opportunitiesWhile hotels are the primary choice for international tourists visiting the Kingdom,a significant portion,over 40%,opt for alternative accommodation options.These alternatives fall outside what is considered quality supply,which specifically refers to hotels cl

47、assified as three-stars and above,as tracked by STR Global.An even more striking outcome is observed in the domestic visitation distribution,with just 36%being accommodated in quality hotel supply.This pattern indicates that a substantial portion of both international and domestic visitors are choos

48、ing accommodation beyond the traditional hotel sector.On a city split and based on preliminary data from the Ministry of Tourism for September year-to-date(YTD)2024,we observe that tier two citiesthose outside of Riyadh,Jeddah,Makkah,Madinah,and the Dammam Metropolitan Area account for approximately

49、 23%of overall visitation.This translates to about 20 million visitors in these secondary destinations.5.665.310.7915.66Inbound visitation distribution 2023,in millionsDomestic visitation distribution 2023,in millions25.4821.884.729.86PrivateApartmentOthersHotelsSource:Ministry of Tourism10 2025 Jon

50、es Lang LaSalle IP,Inc.All rights reserved.Unlocking the investment potential in Saudi Arabias hotel industryKuwait CityManamaDohaAbu DhabiSanaaDjiboutiAddis AbabaDubaiRiyadhKeys:59,882Quality Supply:40%NajranKeys:3,448Quality Supply:23%Al BahaKeys:4,520Quality Supply:5%BuraydahKeys:5,172Quality Sup

51、ply:41%DMAKeys:35,025Quality Supply:36%JeddahKeys:42,316Quality Supply:35%ArarKeys:1,646Quality Supply:0%HailKeys:4,725Quality Supply:28%MakkahKeys:202,797Quality Supply:30%TabukKeys:4,932Quality Supply:37%JazanKeys:6,987Quality Supply:37%Abha&Khamis MushaitKeys:15,935Quality Supply:27%SakakahKeys:2

52、,320Quality Supply:5%MadinahKeys:61,040Quality Supply:31%Source:STR,Ministry of TourismA review of the hotel supply landscape in these tier two cities shows that typically around 25-30%of the overall supply is classified as quality supply.The distribution of this supply across the Kingdom,including

53、proportion of quality accommodations,is illustrated in the map below:Unlocking the investment potential in Saudi Arabias hotel industry11A unique investment opportunity The current shortage of quality stock in emerging destinations presents a unique opportunity for investors to position themselves a

54、s first movers in these upcoming cities.By entering these underserved markets,investors can secure prime locations and establish a strong brand presence ahead of market saturation.This early-mover advantage not only allows for potentially lower entry costs but also provides investors with the benefi

55、t of increasing demand amidst limited supply,and the potential for higher occupancy rates and room yields.To ensure individual projects complement one another as part of the overall destinations development plan,most tier two cities have a dedicated development authority.By remaining close to the de

56、velopment authorities,incoming investors can position themselves strategically ahead of the delivery of market-defining masterplans.This combination of factors-low initial competition,potential for market leadership,and the prospect of sustained long-term returns-makes investment in quality hotel st

57、ock in these developing destinations an enticing proposition for forward-thinking investors willing to capitalize on the current gap in the market.12 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Unlocking the investment potential in Saudi Arabias hotel industryUnlocking the investment potentia

58、l in Saudi Arabias hotel industryRecognizing the untapped potential of its diverse region,the Kingdom has launched various programs to stimulate private investment across the country.These initiatives aim to address debt facilities and minimum equity requirements,in markets considered to be in their

59、 nascent stages.At the heart of these initiatives is the Tourism Development Fund(TDF),an entity designed to facilitate funding beyond the traditional means.The TDF offers a suite of tools,each designed to address specific challenges and catalyze development particularly across tier two cities.Its d

60、irect debt facility for example,provides long-term loans:a maximum of 70%LTV over 15 years,with multiple grace periods over the duration of construction,and interest rates based on SIBOR plus 100-300 basis points.This allows investors to think big and plan long-term.For more critical and high-risk p

61、rojects,the TDF provides equity contributions of up to 5%,sharing risks and rewards with private investors.It also provides indirect guarantees,offering to endorse debt facilities with its partner banks.This unlocks more complex and tailored debt solutions that would not be available via a direct de

62、bt facility.While regulatory requirements in the Kingdom limit certain investment structures linked to foreign ownership,foreign capital has facilitated some of the most iconic real estate developments,typically achieved via leasehold structures or general funds.The TDF mandate aligns with the lease

63、hold and general fund investment structures.Beyond financing,the TDF also acts as a gateway to a network of partners,from contractors to legal professionals.Through this,investors are also given access to destination-defining masterplans throughout the Kingdom.Welcoming private expertise in tourism

64、and hospitality Complementing the TDFs efforts,is the Ministry of Tourisms Investment Incentives Program,Tourism Ecosystem,which supports both government-led masterplans and private developments.This initiative focuses on tier two destinations,identified as having the highest tourism potential(e.g.A

65、seer,Hail,Al Ahsa,among others).To qualify for the program,developments must include 35-star hotels and resorts,particularly targeting the leisure market.These projects should be less than 70%complete and require a minimum investment of SAR 15 million,excluding the land value.Hospitality or mixed-us

66、e projects with at least 20%hospitality allocations are also considered.The program offers incentives between 15-25%of the total investment,based on the projects strategic relevance to the destinations development.The incentives may include tax credits,tax exemptions,grace periods on government-leas

67、ed lands,and capital expenditure support.13 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Case Study:Wellness Hotel in Aseer ProvinceAseer,located in the southwest of Saudi Arabia,is a destination with a unique natural landscape,comparable to well-established regional destinations like Jabal Ak

68、hdar in Oman.This burgeoning area is currently the focus of significant development efforts,including government-led urban and leisure initiatives.Our case study centers on a proposed wellness hotel project in Aseer,examining its feasibility with and without the backing of the introduced investment

69、incentive programs.It is important to note that this case study presents a theoretical business scenario,albeit grounded in real examples.The uniqueness of each hotel project required an individualized approach to all assumptions.The analysis focuses on two aspects:the initial investment cost and th

70、e stabilized yield.Land costs were excluded from our calculations.The project is an entry upper-upscale wellness hotel with 70 keys and a total gross floor area of 7,700 sq.m.providing ample space for wellness facilities,accommodation and amenities,striking a balance between comfort,luxury,and opera

71、tional efficiency.In evaluating this project,we have factored in an investment incentive of 25%.This is justified by the projects potential to be a destination-defining development.The project timeline factors in a four-year construction period.Following completion,we expect the hotel to achieve sta

72、bilization by its fourth year of operation.We have also estimated an uninflated RevPAR of c.USD 140,based on an annual inflation rate of 2%.This is intentionally positioned below that of more established wellness destinations,providing a realistic view of the hotels potential performance over time.C

73、ase study(In USD)StandardFull CapexInflated RevPAR165165Rooms revenue4,215,75067%4,215,75067%F&B revenue1,874,00030%1,874,00030%Other revenue156,0002%156,0002%Departmental expenses38%38%Undistributed expenses27%27%GOP2,186,0002,186,000Management fees&Fixed fxpenses12%12%EBITDA1,437,0001,437,000Inves

74、tment incentiveN/A25%CapexDevelopment cost/SQM3,1003,100Development cost23,870,00017,902,500LTV60/4070/30Equity requirement9,548,0005,370,750Stabilization Y4 yield6.0%8.0%14 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Unlocking the investment potential in Saudi Arabias hotel industryUnlocking

75、 the investment potential in Saudi Arabias hotel industrySecuring a commercial loan is considered challenging for a project with a stabilized yield of 6.0%.The enhanced yield of 8.0%would meet most threshold requirements.Not only do the investment incentives take away the concern of securing(commerc

76、ial)debt as the project would align with TDFs mandate,but it also minimizes the equity exposure.The above yields consider the infrastructure development and the wider investment being considered within the region.However,no demand generator development initiatives have been incorporated in the opera

77、ting projections.Therefore,the initial yield could be enhanced significantly when the wider destinations development is achieved.This project would therefore achieve exactly the aim of the Tourism Ecosystem program.By reducing initial costs and equity requirements,these initiatives make it possible

78、for investors to participate in the development of new tourism destinations in Saudi Arabia.12Key insights:15 2025 Jones Lang LaSalle IP,Inc.All rights reserved.Saudi Arabias hospitality market presents a nuanced landscape of opportunity.While tier one cities have demonstrated robust performance ove

79、r the past decade,they also present several barriers to entry,particularly for foreign investors.The dominance of local investment funds and institutions,coupled with legislative hurdles and lack of market transparency,has confined development to government-led masterplans.In contrast,tier two citie

80、s stand out as the new frontier of hospitality investment in Saudi Arabia.These markets not only showcase sizeable annual demand but have also witnessed limited development activity over the last five years.This untapped potential,positions tier two cities as attractive prospects for investors.Their

81、 appeal is further amplified by the governments proactive approach in incentivizing investments,through a combination of ample lending support,partnerships,access to broader economic ecosystems,and significant investment incentives(up to 25%of total investment costs).This support structure not only

82、mitigates some of the inherent risks associated with developing markets but also enhances the potential for attractive returns.As we look to the future of hospitality investment in Saudi Arabia,it is clear that a diversified approach,considering both tier one and tier two cities,may yield the most r

83、obust and rewarding portfolio.The key lies in thorough market analysis,strategic alignment with government initiatives,and a long-term vision that capitalizes on the unique opportunities each tier presents.Looking ahead:Saudi Arabias hospitality potential 16 2025 Jones Lang LaSalle IP,Inc.All rights

84、 reserved.Unlocking the investment potential in Saudi Arabias hotel This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources we believe to be reliab

85、le,but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve known an

86、d unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be

87、 made based solely on the views expressed in this report.About JLL Jones Lang LaSalle 2025 Jones Lang LaSalle IP,Inc.All rights reserved.The information contained in this document is proprietary to Jones Lang LaSalle and shall be used solely for the purposes of evaluating this proposal.All such docu

88、mentation and information remains the property of Jones Lang LaSalle and shall be kept confidential.Reproduction of any part of this document is authorized only to the extent necessary for its evaluation.It is not to be shown to any third party without the prior written authorization of Jones Lang L

89、aSalle.All information contained herein is from sources deemed reliable;however,no representation or warranty is made as to the accuracy thereof.About JLL MEAAcross the Middle East and Africa(MEA)JLL is a leading player in the real estate and hospitality services markets.The firm has worked in 35 co

90、untries across the region and employs over 1900 internationally qualified professionals across its offices in Dubai,Abu Dhabi,Riyadh,Jeddah,Al Khobar,Cairo,Casablanca,Cape Town,Johannesburg and Nairobi.jll-Research at JLL JLLs research team delivers intelligence,analysis and insight through market l

91、eading reports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivall

92、ed local and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.Amr El NadyManaging DirectorHead of Hotels andHospit

93、ality MEAAmr.E Dr.Sarah GasimSenior Vice President,Head of Hotels-KSASarah.GJessica JahnsHead of EMEA Hotels Research JLL Hotels&Hospitality G Taimur KhanHead of MEA ResearchTaimur.KSander SoekhradjVice PresidentHotels and Hospitality-MEASander.SContactsAuthorUnlocking the investment potential in Saudi Arabias hotel industry