Wednesday, November 22, 2017

Mideast hotel occupancy up, rates down

Hotels in the Middle East reported mixed performance during October 2017, while hotels in Africa posted growth across the three key performance indicators, according to data from STR.

Occupancy rates in the Middle East increased 3.3 per cent to 64.9 per cent, compared with October 2016. The average daily rate (ADR) was down 4 per cent to $163.27 and the revenue per available room (RevPAR) also fell 0.8 per cent to $106.04, STR said.

In Africa, the occupancy rate increased 7.6 per cent to 62.5; Average daily rate (ADR) grew 8.4 per cent to $105.89 and revenue per available room (RevPAR) was up 16.7 per cent to $66.14.

Bahrain market saw an increase in occupancy of 9.2 per cent to 49.2 per cent; an 8.2 per cent fall in ADR to BD58.71 and a 0.2 per cent growth in Revpar to BD28.86.

STR analysts note that the year-over-year increase in occupancy came in comparison with a low base from October 2016. The country’s absolute occupancy level was helped by a pair of events in Manama.

Egypt recorded a huge increase in all the three indicators. Occupancy was up 32 per cent to 57 per cent; ADR increased 73.6 per cent to EGP1,151.26; and RevPAR went up 129.3 per cent to EGP656.07.

The devaluation of the Egyptian pound led to the highest October ADR value on record for the country. Occupancy growth was inflated by a comparison with Egypt’s second-worst October occupancy month on record (43.2 per cent in 2016). The country continues to recover from security concerns, and demand (roomnights sold) has grown by double digits in nine of 10 months in 2017.  - TradeArabia News Service

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