Positive performance from Middle East hotels
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The Middle East/Africa region reported positive performance results for February 2014 as per a recent report by STR Global. The region reported a 1.3% increase in occupancy to 67.4%, a 2.7% increase in average daily rate to US$177.42 and a 4.0% increase in revenue per available room to US$119.55.
“The Middle East still is driving performance in the region”, said Elizabeth Winkle, managing director of STR Global. “Jordan, Oman and Saudi Arabia are all posting both occupancy and ADR growth. Jordan and Bahrain are reporting largest occupancy growth. Dubai is still reporting high occupancy; the new supply coming in is being absorbed and we are seeing double-digit rate growth.”
Highlights from Middle East/Africa region’s key markets:
• Three markets reported double-digit occupancy growth: Manama (+39.0% to 63.2%); Doha (+13.9% to 76.9%) and Amman (+10.2% to 59.3%)
• Beirut fell 25.2% in occupancy to 39.4%, posting a huge decrease. The market also reported largest decrease in RevPAR, falling 31.4% to US$55.61
• Dubai achieved a substantial ADR increase, rising 9.7% to US$286.99
• Abu Dhabi witnessed a decline of -22.9% to US$148.72 reporting the largest ADR decrease
• Manama jumped 37.7% in RevPAR to US$120.11, experiencing an increase, followed by Amman with a 15.2% increase to US$97.16.
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