Damascus - Syria

After an absence of about 12 years, the Rotana Hotels Group is considering returning to the Syrian market, driven by the easing of Western sanctions and the country’s gradual return to the global economy, in a move that reflects a broader shift in the appetite for hotel investment in the region.

Actual conversations with Syrian owners and developers

Philip Barnes, CEO of Rotana Hotels, said that the group “wants to return” to Syria, explaining that the company has begun re-studying the market and the opportunities available in it, coinciding with the country’s re-opening to the world. He added that the development team at Rotana is currently holding discussions with real estate owners and developers in Syria, while the team is evaluating between two and three potential investment opportunities in the Syrian market.

Reducing penalties encourages developers
Barnes explained that easing restrictions associated with sanctions, especially with regard to financial transfers, financing, and dealing with international partners, contributed to renewing interest in the Syrian market. He pointed out that the previous restrictions represented a major challenge for a company that works with partners and developers in multiple markets around the world. It should be noted that Syria was removed last month from the US list of states sponsoring terrorism, which opened the door for international hotel companies and investors in the hospitality sector to consider entering the Syrian market.

Of particular importance to Arab tourists and investors
This trend carries important implications for Arab tourists and investors alike. For Gulf and Arab tourists who are accustomed to Rotana hotels in various destinations, returning to Syria may mean the possibility of exploring Damascus and Aleppo with familiar hospitality standards, especially since several Syrian cities have begun to attract interest again and need hotel infrastructure to keep pace with the return of economic activity. As for the Arab investor, this move opens the door to new partnership opportunities in a promising market that has just emerged from its economic isolation, with the accompanying potential in the hospitality and tourism-related services sectors.