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FINANCIAL NEWS
Demand for ME hotel rooms in Oct jumps 12%
27 Nov 2011
(MENAFN) STR Global’s managing director, Elizabeth Randall, said that during October, demand for hotel rooms across the Middle East jumped by 12 percent from 2010’s same period, reported Arabian Business.
Randall added that at the end of the month, occupancy rate declined by 3.4 percent to 63.4 percent, whereas average daily rate grew 7.3 percent to USD169.42, and revenue per available room (RevPAR) rose 3.6 percent to USD107.37.
She also said that occupancy rate growth was the highest in Abu Dhabi with an increase of 10.5 percent to 76 percent, on the other hand, the main markets that recorded double-digit RevPAR were Jeddah, with a rise of 14.5 percent to USD146.77); Dubai, up 13.5 percent to USD194.05; and Muscat and Oman with a rise of 10.2 percent to USD180.43.
It is worth noting that new supply of hotel properties across the Middle East in the period rose by around 5 percent.
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