Friday, 10 June , 2016     |     13344      |      +      |     

Gulf hotels continue to see rates, revenues slump in April

Gulf hotels continue to see rates, revenues slump in April :
  • Gulf News

Hotels in Abu Dhabi, Saudi Arabia and Kuwait all saw added downward pressure to rates and revenues during April compared to the year-earlier period, according to new figures from STR Global.


Latest data showed that hotels in Kuwait reported decreases across the three key performance metrics of occupancy (-3 percent to 58 percent), average daily rates (-2.1 percent to KD72.60) and revenue per available room (-5.1 percent to KD42.12).

STR Global said supply in the country has grown 6.1 peercent year to date, and Kuwait has experienced occupancy decreases in nine of 10 months following the June 2015 bombing of the Imam al-Sadiq Mosque.

July 2015 was the only month during that period with positive occupancy performance due to Eid al-Fitr, it said.

Hotels in Saudi Arabia also recorded decreases in each of the three key performance indicators. Occupancy in the country fell 2.1 percent to 69.9 percent, while ADR fell 7.4 percent to SR600.36 and RevPAR dropped 9.3 percent to SR419.36.

Demand growth (+4.1 percent) failed to keep pace with supply (+6.3) during April, and ADR reached its lowest level since July 2010, the figures showed.

In Abu Dhabi, hotel occupancy fell marginally by 0.7 percent to 76.3 percent but there were double-digit decreases in ADR (-12.4 percent to AED496.16) and RevPAR (-13 percent to AED378.60).

Occupancy in April remained steady as supply growth remained subdued at 3.3 percent but rate dipped to its lowest absolute level for the month of April since 2005.

Hotels across the Middle East reported negative results with a 1.8 percent decrease in occupancy to 71.1 percent while ADR was down 10.8 percent to $174.18 and RevPAR dropped 12.4 percent to $123.79.
http://www.arabianbusiness.com/

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Category: #Gulf News | 2016/06/10 latest update at 6:44 PM
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