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FINANCIAL NEWS
Jeddah, Dubai hotels top ME performance: STR report
27 Jan 2013
(MENAFN) A recent report by STR Global found that Dubai and Jeddah hotels have posted the best results in the Middle East last year, Arabian Business reported.
The report said both Gulf cities recorded healthy full-year increases in room rates and revenues for 2012.
The report said that Jeddah hotels recorded a 9 percent increase in average daily rates (ADR) last year to more than USD221 while Dubai’s ADR increased 7.9 percent to nearly USD235.
Jeddah hotels also reported almost 20 percent increase in revenue per available room (RevPAR) to USD176 while Dubai saw RevPAR growth of 11.4 percent to more than USD181.
UAE hotel occupancy rates grew by 2 percent to 72.5 percent while ADR rose 4.3 percent and RevPAR increased 6.4 percent.
In Saudi Arabia, hotel occupancy rates rose to 62.1 percent, up 7.3 percent on 2011, while ADR rose 3.5 percent and RevPAR grew by 11.1 percent.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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