Aug 11 2011 |
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Jeddah hotels top occupancy rate in M-E
By Ibtissam Alali JEDDAH - Jeddah five-star hotels have taken first place in the Middle East hospitality sector, measured in terms of occupancy rates and dollars per room, according to a study by the Economic Research Unit at Credit Libanais, the largest Lebanese bank, issued Aug. 8. The study, based on responses and data from 32 four-star and five-star hotels in Abu Dhabi, Jeddah, Beirut and Cairo in June, shows Jeddah achieving an occupancy rate of 78.2 percent, followed by Beirut at 64.5 percent, Abu Dhabi at 60.9 percent and finally Cairo at 39.2 percent. "Against 59.20 percent Middle Eastern average and with the exception of Jeddah hotels, the remaining three are mediocre," said Dr. Jalal Alabd, professor of finance at Prince Sultan College for Tourism and Business in Jeddah.Understandably, Cairo hotels were the worst hit because of political developments which were not conducive to relaxation, entertainment and shopping. Europeans, who normally descend on Egypt during their winter and spring holidays, were turned off by the riots and insecurity. "What benefit is a luxurious suite at 50 percent off if one cannot enjoy a peaceful stroll, a movie, or just chit-chat with locals at popular cafes?" asked Talal Nazer of Nazer Travel and Tourism Group in Jeddah.
In terms of dollars per room, the Middle East average in June 2011 stood at $96, with Jeddah hotels showing a 36 percent positive revenue margin at $168, followed by Beirut at $136, Abu Dhabi at $79 and finally Cairo at $45. The two measures reveal different things about the dynamics of the hospitality sector, said Yara Kassab of LAU, Beirut.
"You could have high occupancy rates but most of it in three star hostels and budget hotels. The contribution to the host country's GDP would then come from visitors spending on other related activities such as art and culture museums, entertainment, ecotourism and medical tourism."
On the other hand, the "return per room is an investment measure which helps to determine whether to put more capital in hospitality and recreation businesses or put our monies elsewhere," added Crystal Saif Ed-Dine, finance senior at AUB, Beirut.
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