With the Corinthia Bab, previously the only 5 star luxury hotel in the country, being joined by the likes of Radisson Blu, Starwood, & Corinthia just to name a few, it seemed that investment in luxury hotels was on the rise, with Libya witnessing a mini luxury boom.
Whilst not at the forefront of most holiday goers minds when choosing a luxury destination, Libya, straddling the Middle East & Africa, and having lived under Italian colonial rule for 30 years, offers a rich experience, and the luxury market has the potential to thrive here, with the welcoming culture and such beautiful surroundings. Libya has for the most part been untapped by large numbers of commercial tourists, but with the sun, sand and sea surrounding it, this has made a utopian destination for many holiday goers in the know, hoping to relax in a beautiful location. However, without wishing to trivialise such a sensitive issue, the success of Libyas luxury hotel market is now in jeopardy.
Within the last few days, Libyan troops have been accused of opening fire on peaceful protesters, and many western nations that have criticised the violence being used by Libya's government forces. Additionally opposition groups are said to have taken control and major ports have been closed while tens of thousands of citizens and tourists attempt to flee the country.
Even if the political unrest were to be resolved instantly, it is impossible to predict the effect that this will have on the market. Though it seems unlikely to be a positive one with the tacit disapproval of many nations, and the horror stories that will no doubt flood out of the country once citizens and tourists are able to leave en masse. It is not easy to assume that Libya are going to enjoy a fast return to their luxury boom.
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