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FINANCIAL NEWS
Hotel occupancy rates in Mideast fall to 48.9%
26 Jul 2016
(MENAFN) According to STR, hotels in the Middle East stated mixed results during the past month, posting a 16.3% decrease to 48.9% in occupancy compared to the same month last year.
In Ramadan, ADR and RevPAR levels in Saudi Arabia recorded the highest performance in Q2. In addition to this, STR analysts confirmed that Makkah and Madinah were the only two major hotel markets in the Middle East that experienced RevPAR growth during Ramadan.
Also, it has noticed a flat occupancy in Cairo, but an increase in ADR and RevPAR. According to STR analysts, that consistent was noticed because of the investment deals that were signed during the visit of Saudi Arabia’s King Salman.
Additionally; Manama, Bahrain reported decreases in the main performance metrics. Occupancy (4.0% to 48.9%), ADR (4.9% to USD8.2), and RevPAR (8.7% to USD4).
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