Hotels in the Middle East saw occupancy increase 6.5% to 67.6% in October, and despite a 3.9% ADR decrease to $143.62, RevPAR rose 2.3% to $97.07. In Africa, hotel occupancy dipped 0.4% to 65.8%, ADR increased 1.8% to $109.61 and RevPAR rose 1.4% to $72.14.
LONDON—Hotels in the Middle East reported mixed October 2019 performance results, while hotels in Africa posted mostly positive results across the three key performance metrics, according to data from STR.
U.S. dollar constant currency, October 2019 vs. October 2018
• Occupancy: +6.5% to 67.6%
• Average daily rate (ADR): -3.9% to US$143.62
• Revenue per available room (RevPAR): +2.3% to US$97.07
• Occupancy: -0.4% to 65.8%
• Average daily rate (ADR): +1.8% to US$109.61
• Revenue per available room (RevPAR): +1.4% to US$72.14
Local currency, October 2019 vs. October 2018
• Occupancy: +17.4% to 68.4%
• ADR: -3.8% to NGN46,699.89
• RevPAR: +12.9% to NGN31,932.35
The absolute occupancy and RevPAR levels were the highest for an October in STR’s Lagos database. Demand grew 17.0%, while supply was slightly muted (-0.3%). STR analysts note that demand growth reached double-digits during the days of the Aké Arts and Book Festival (24-27 October).
• Occupancy: +23.9% to 48.1%
• ADR: +14.9% to SAR778.34
• RevPAR: +42.4% to SAR374.69
While the market registered a double-digit increase in occupancy, the absolute level in the metric was the second-lowest for an October since 2001. STR analysts note the market’s substantial increase in demand (+30.2%). Helping that growth was the opening of the King Abdul Aziz International Airport Terminal 1 and an increase in the number of international flights in the market.
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STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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