Hotels in Riyadh reported their highest average daily rate (ADR) and revenue per available room (RevPAR) levels in October 2023, according to preliminary data from CoStar, a US-based provider of analytics for global hospitality sectors.

Occupancy level reached 77.5% last month, while the average daily rate (ADR) rose 38.3% year-on-year (YoY) to SAR 1,055.28 ($281.35).

Revenue per available room (RevPAR) jumped 49.3% YoY to SAR 818.05.

Hotel performance in the Saudi capital was supported by the World Combat Games (October 20-30) and Future Investment Initiative 7th Edition (October 24-26). 

The four-day period from October 22-25 showed the highest daily ADR levels ever recorded, with October 24 taking the top spot at SAR 1,929.64. The previous daily room rate record was in January 2019 at SAR1,415.20, according to CoStar. 

The highest daily occupancy levels were seen on October 23 at 94.8% and 94.4% on October 24. 

Overall, Riyadh’s occupancy levels remained above the 60% mark throughout the month, apart from three days.

(Editing by Seban Scaria