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FINANCIAL NEWS
Abu Dhabi hotel revenues, profits decline in April
03 Jun 2012
(MENAFN) A HotStats survey conducted by TRI Hospitality Consulting found that Abu Dhabi hotel revenues and profits continued to decline in April compared to a year earlier, Arabian Business reported.
According to the figures in the survey, revenue per available room (RevPAR) in Abu Dhabi dropped 15 percent to USD96.60, dragged down by a 3.6 percent fall in occupancy levels to 69.3 percent, and an 11 percent decline in average room rate (ARR) to USD140.79.
Peter Goddard, managing director of TRI Hospitality Consulting said that the high competition for corporate demand has led to a 13.1 percent drop in average rates generated by the segment.
Goddard expected a further decline in performance levels as the survey found no sign of recovery in the coming months.
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