During times of economic instability and market corrections, hoteliers often look to renovate their properties and reinvest in their hotels, says Clarence Tan, CEO of the Asia, Middle East and Africa markets at the UK-based Intercontinental Hotels.

“We are currently looking at renovating a number of our hotels in Saudi Arabia. During these times you often find a lot of other hotels doing the same, so prices are competitive,” said Tan on the sidelines of the Arabian Hotel Investment Conference (AHIC) being held in Dubai on 28 April.

Tan also said the group is bullish about the mid-market in Saudi Arabia, with the new government 2030 vision showing signs of an economy aiming to be more focused on tourism.

Qatar’s Katara Hospitality also said it has plans to renovate and extend more of its hotels.

Renovation on the Ritz Carlton in Doha is already under way, with about half of the work completed. Work on the Doha Marriot will not begin until the Ritz Carlton renovation has been finished. The scheduled completion date is the first quarter of 2017, with Doha Marriott work expected to begin before the end of the second quarter.