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FINANCIAL NEWS
MEA hotel inventory CAGR grows 2.5%
20 Apr 2012
(MENAFN) STR Global, the global hotel data provider, said that hotel inventory compound annual growth (CAGR) in the Middle East and Africa (MEA) region expanded 2.5 percent over the year to February, reported Gulf News.
The firm added that the region’s luxury and upper upscale division rose 3.9 percent to 190,514 daily rooms, followed by the upscale and upper mid-scale, which grew 2.4 percent to 253,958 daily available rooms.
It also said that last year, the Middle East posted a decline of 6.8 percent in occupancy to 57.1 percent, whereas average daily rate rose 5.3 percent to USD162.81, however, revenue per available room (RevPAR) fell 1.8 percent to USD92.99.
It is worth noting that over the year to February, global hotel inventory CAGR grew by 1.6 percent.
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