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FINANCIAL NEWS
Saudi hotels post 10.5% rise in Oct occupancy rates
26 Nov 2012
(MENAFN) STR Global stated that last month, occupancy rates at hotels in Saudi Arabia rose 10.5 percent to 66 percent, reported Arabian Business.
It added that average daily rates (ADR) jumped 25.5 percent, driven by the Haj pilgrimage and Eid holiday, while Revenue Per Available Room (RevPAR) surged by 38.8 percent.
Makkah posted the highest RevPAR, with a hike of 88.2 percent, followed by Madinah with 36.9 percent, Al Khobar by 25.1 percent and Jeddah by 23.4 percent; however, RevPAR in Riyadh fell 38.4 percent.
Furthermore, the biggest rise in ADR was recorded in Jeddah, with a 26.9-percent gain to USD243.19.
It is worth noting that in October, ADR across the Middle East’s hotels grew by over 13 percent to USD246.
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