Coral International signs Management Contract for Hotel in Aleppo, Syria

Coral International Hotels, Resorts & Spas has signed a management contract with Julia Dumna for a deluxe 5-star hotel in the heart of Aleppo in Syria.

Speaking of the move, Coral International Managing Director, Michel Noblet said, “Syria is not just a popular holiday destination, but also a place where business in diverse fields is thriving. Over the last four years, the country has witnessed stellar economic growth. We are delighted to enter this dynamic market which is one of Middle East's top-performing tourism destinations.”

The latest figures from the tourism industry in Syria reflect the emerging boom. The annual tourism growth rate sits at 15% and tourism income for 2005 topped US $2.3 billion. Visitor arrivals have soared from 2.1 million in 2003 to 3.4 million last year largely due to Syria's popularity as a cultural and business destination. The World Tourism Organization forecasts Syria's tourism to grow by 3.5% per annum in real terms between 2006 and 2015 and up to US $17.088 billion by 2015 in nominal terms.

Said Eng. Khaldoun Makhlouf, Chairman, Julia Dumna, “Tourism is no doubt a key contributor to the Syrian economy. There has been 5.5%  growth in GDP in the non-oil sector. Out of this, tourism revenues make up around 8% of GDP. Income from tourism reached US$ 1.95 billion last year from US$ 1.8 billion – a growth of 8.3%.”

“However, we have only 43,000 classified hotel beds, which is not enough for 3.4 million tourists. We certainly have a lack of accommodation options and need more hotels if we are to continue enjoying a 15% growth rate per year.” 

Coral International hopes to launch the Coral Boutique, Aleppo by the end of the year. Featuring 65 rooms, the hotel is designed to offer a perfect balance between style and comfort. All rooms will be equipped with the latest technology and finest furnishings. In addition, there will be two restaurants, a meeting room and a range of amenities tailored to suit the needs of business and leisure travellers.

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