Middle East hospitality witnesses positive change: E&Y
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Ernst and Young recently released the Middle East Hotel Benchmark Survey for October 2012.
Compared to October 2011, rooms yield (RevPAR) increased by 17.3% and average room rate increased by 9.7%. This portrays Dubai’s increasingly stable and growing tourism industry.
In regard to the wider MENA region, notable changes were witnessed in Amman, where overall occupancy rates increased by 18.0% year-to-date. The rooms yield in Amman is 13.1% higher than it was in October 2011, with the average room rate 3.2% higher. Strong changes were also witnessed throughout Egypt. Cities that saw increases in their overall occupancy rates were Cairo, by 7.0% year-to-date, Sharm El Shaikh, by 12.0% year-to-date, and Hurghada, by 8.0% year-to-date. In terms of monthly performance, Cairo’s occupancy rate is 11.1% higher than it was in October 2011, with Sharm El Shaikh increasing by 6.0% and Hurghada by 5.0%.
Additionally, Saudi Arabia saw prominent increases in occupancy rates, with Madina increasing by 3.0% year-to-date, and Makkah increasing by 5.0% year-to-date. Compared to October 2011, the occupancy rate of Makkah increased significantly by 30.0% in October 2012. This is accredited to the Hajj season, with Muslims travelling from all over the world to Makkah.