Kuwait Hospitality

The hospitality sector in Kuwait plays a significant role in the country's economy and tourism industry. Kuwait is known for its rich history, vibrant culture, and modern infrastructure, which attract both business and leisure travelers:

• The map here shows a comprehensive spread of hospitality properties in Kuwait.
• The map covers 246 properties that we believe cover >90% of the sector inventory in Kuwait.
• Different clusters of properties have emerged in Kuwait that target variety of customer segments.

Kuwait has just two functional branded serviced residence properties. These are Marriott Residence Inn and Safir Apartments. The occupancy ratio of the serviced residence properties was good around 62% to 63% level till 2019. The average daily rate is around KD 47.2 in 2022; note that it includes breakfast but doesn’t include any service charges that are around 15%. The average lease rate for these two properties is estimated at KD 19.60 per m2 per month. This is a useful indicator for comparison.

Summary Table below shows the results of 76 unbranded serviced residence properties with 2,505 units:

The occupancy registered in Oct 2022 was 88.3%. The ADR is KD 21.5; this is significantly lower than the ADR of KD 47.2 for two branded properties. The average lease rate of KD 8.06 per m2 per month. For comparison, the average lease rates of two branded serviced residences is KD 19.6 per m2.