Alcohol ban 'forcing hotel owners into distress sales'
Manama, July 16, 2014
Several Bahraini and foreign hotel owners are offering to sell their three and four-star hotels at 25 per cent less than their price a month ago.
A Bahraini investor who owns a chain of three and four-star hotels said he was ready to sell at 50 per cent of their cost, if he can find a buyer who is willing to pay cash, said a report in the Gulf Daily News (GDN), our sister publication.
He is now considering moving to Morocco or Egypt or a GCC country, it said.
Bahrain Real Estate Association chairman Nasser Al Ahli said hotel prices in Bahrain have recently dropped by 30 per cent to 40 per cent as a result of the latest decision banning alcohol, nightclubs and bars in three-star hotels. - TradeArabia News Service