ME hotel revenues down in Sept, Africa results positive.
Hotels in the Middle East reported declines in performance in September, while hotels in Africa posted growth across the three key performance metrics, according to data from STR-a leading market research firm.
Occupancy levels in the Middle East dropped 7.0 per cent to 59.8 per cent and average daily rate (ADR) dipped 18.0 per cent to $124.49, resulting in a 23.7 per cent decline in revenue per available room (RevPAR) to $74.47.
In Riyadh, Saudi Arabia, occupancy rates were recorded at 56.3 per cent, an increase of 26.7 per cent compared to the same month in 2017. ADR, however, dropped 8.7 per cent to SR599.84 ($159.8) but RevPAR was up 15.7 per cent to SR337.45 ($89.8).
STR analysts attribute a 33.4 per cent jump in demand (room nights sold) to four events hosted at the Riyadh International Convention & Exhibition Center. The 56.3 per cent absolute occupancy level was the highest for any September in the market since 2014. The highest occupancy night came on September 25 (78.5 per cent), which was the first day of the SFDA Annual Conference & Exhibition. The decline in monthly ADR was likely due to continued significant supply growth (up 5.8 per cent year-to-date).
In Africa, occupancy rates climbed up 3.9 per cent to 65.0 per cent, with ADR also jumping 6.4 per cent to $107.96. RevPAR was also up 10.6 per cent to $70.21.
In Beirut, Lebanon, occupancy was down 6.7 per cent to 66.6 per cent. ADR also slipped -6.8% to LBP224,065.02, resulting in a 13.0 per cent drop in RevPAR to LBP149,146.78.
Beirut's declines were largely attributable to high-performance levels last September, according to STR analysts. Performance growth was well-pronounced during most of the months of 2017 due to a stabilised political climate and a boost in tourism. Despite the year-over-year performance decrease, Beirut's absolute occupancy level was the second-highest for a September in the market over the last seven years. Only September 2017 (71.3 per cent) was higher during that time. - TradeArabia News Service
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