PHOTO
29 August 2016
Muscat - GCC hotels recorded positive revenue per average room (RevPAR) in July 2016 compared to the period last year, according the latest hotel benchmark survey conducted by global professional services firm Ernst & Young (EY). Saudi Arabia was the only exception, experiencing a drop in performance in its hospitality market across its leading cities, which was due to the change in dates of the holy month compared to July 2015. The highest occupancy in July 2016 was recorded in Jeddah at 81.0 per cent, however this was lower than the 84 per cent occupancy recorded in July 2015. In the UAE, Dubai, Abu Dhabi and RAK all saw their occupancy and RevPAR rise in July 2016 compared to July 2015.
Commenting on the survey, Yousef Wahbah (pictured), MENA Head of Transaction Real Estate at EY said: "With the Eid Al Fitr Holiday falling in July 2016, many of the MENA hospitality markets performed positively compared to the same period last year. Dubai's hospitality market witnessed an increase in occupancy by 6.2 per cent in July 2016 when compared to the same time last year, which resulted in an increase in RevPAR by 4.5 per cent from $108 in July 2015 to $113 in July 2016. ADR dropped from $177 in July 2015 to $168 in July 2016. Abu Dhabi's hospitality market witnessed a positive increase in occupancy from 61.0 per cent in July 2016 to 68.0 per cent in July 2016.
In July 2016, RAK's hospitality market witnessed an increase in average occupancy from 48.2 per cent in July 2015 to 65.7 per cent in July 2016. The increase in occupancy resulted in a rise in RevPAR by 27.4 per cent in July 2016 when compared to the same period last year. The increase in occupancy was due to the increase of visitor arrivals from 54,155 in July 2015 to 73,326 in July 2016.
Muscat - GCC hotels recorded positive revenue per average room (RevPAR) in July 2016 compared to the period last year, according the latest hotel benchmark survey conducted by global professional services firm Ernst & Young (EY). Saudi Arabia was the only exception, experiencing a drop in performance in its hospitality market across its leading cities, which was due to the change in dates of the holy month compared to July 2015. The highest occupancy in July 2016 was recorded in Jeddah at 81.0 per cent, however this was lower than the 84 per cent occupancy recorded in July 2015. In the UAE, Dubai, Abu Dhabi and RAK all saw their occupancy and RevPAR rise in July 2016 compared to July 2015.
Commenting on the survey, Yousef Wahbah (pictured), MENA Head of Transaction Real Estate at EY said: "With the Eid Al Fitr Holiday falling in July 2016, many of the MENA hospitality markets performed positively compared to the same period last year. Dubai's hospitality market witnessed an increase in occupancy by 6.2 per cent in July 2016 when compared to the same time last year, which resulted in an increase in RevPAR by 4.5 per cent from $108 in July 2015 to $113 in July 2016. ADR dropped from $177 in July 2015 to $168 in July 2016. Abu Dhabi's hospitality market witnessed a positive increase in occupancy from 61.0 per cent in July 2016 to 68.0 per cent in July 2016.
In July 2016, RAK's hospitality market witnessed an increase in average occupancy from 48.2 per cent in July 2015 to 65.7 per cent in July 2016. The increase in occupancy resulted in a rise in RevPAR by 27.4 per cent in July 2016 when compared to the same period last year. The increase in occupancy was due to the increase of visitor arrivals from 54,155 in July 2015 to 73,326 in July 2016.
© Oman Daily Observer 2016
