Monday, September 11, 2017

Jeddah hotel occupancy rates drop 13.7pc in August

Jeddah's hospitality sector witnessed a steep decline in occupancy levels in August, dropping 13.7 per cent to 68.5 per cent compared to the same period last year, said a report.

RevPAR was also down for the months, slipping 6.6 per cent to SAR850.30 ($226.5). Average daily rates (ADRs), however, showed a strong performance, increasing by 8.2 per cent to SAR1,240.65 ($330.5), a preliminary report released by STR, a hotel data benchmarking company, showed.

The report also noted that supply and demand in Jeddah continued to grow in August, going up 17.8 per cent and 1.7 per cent respectively.

STR analysts note that the year-over-year spike in rooms available (supply) significantly pressured occupancy levels and ultimately RevPAR for the month. - TradeArabia News Service

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