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FINANCIAL NEWS
Dubai hotels’ revenues and profits grow in April
03 Jun 2012
(MENAFN) A HotStats survey conducted by TRI Hospitality Consulting found that Dubai hotels’ revenues and profits grew, unlike Abu Dhabi hotels which continued to see a decline in rates and profits in April, Arabian Business reported.
The survey showed that revenue per available room (RevPAR) in Dubai rose 9.4 percent to USD311.12 in April, the highest level in three years. Average room rate (ARR) rose by 8.6 percent to USD359.51, while occupancy increased 0.6 percent.
In terms of gross profits, Dubai registered higher gross profits than other GCC cities surveyed, with a 7.2 percent growth to USD265.84.
Peter Goddard, managing director of TRI Hospitality Consulting, attributed the strong performance of Dubai hotels in April to the regional school holidays occurring within the first week of the month.
Goddard added that events industry continued to increase ARR performance with this segment generating rates of 11.6 percent above the same period last year, indicating that hotels in Dubai are able to maintain high occupancy levels, as well as charging rate premiums during peak periods of demand.
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