Riyadh hotel rates highest in three months

Occupancy stood at 42.8% while the average daily rate was $145

Hotel Room. Image used for illustrative purpose.

Hotel Room. Image used for illustrative purpose.

Getty Images
DUBAI: Riyadh’s hotel industry reported its highest room rates in three months, according to preliminary May 2021 data from STR.

Occupancy stood at 42.8 percent while the average daily rate was SR544.31 ($145), the research company said on Monday.

Revenue per available room, a key industry metric known as RevPAR, was SR332.85.

“Each of the three key performance metrics were up from April, but despite the month-over-month increase, occupancy and RevPAR came in lower than earlier pandemic-affected months,” STR said. “Year-over-year percentage increases are substantial because of the comparison with the months most affected by the pandemic in 2020.”

The Kingdom had only just started to open up to international tourists when the pandemic closed hotels and resorts.

The recent easing of travel restrictions and the return of international flights has lifted prospects for the sector.

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