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Commenting on the November 2016 GCC Key Performance Highlights, Yousef Wahbah, MENA Head of Transaction Real Estate at EY said:
 

“Dubai’s hospitality market was the top MENA performer in November 2016, representing the highest occupancy at 89.5% and highest revenue per average room (RevPAR) of USD 250. Compared to last year, Dubai witnessed a positive increase in occupancy from 84.8% in November 2015 to 89.5% in November 2016, which could be ascribed to the Big 5 exhibition (the largest construction exhibition in the Middle East), falling in November this year. However, despite having the highest occupancy and RevPAR in MENA, compared to November 2015, average daily rate (ADR) dropped by 8.6% resulting in a decline of RevPAR of 3.6%.

Abu Dhabi maintained stable occupancy in November 2016 mainly due to the Formula 1 event allowing hotels to keep their occupancy afloat with no change to last year’s 84.0%. However average daily rate (ADR) decreased by 16.2% year-on-year (y-o-y) and as such, RevPAR decreased by 16.2% in November 2016.

Ras Al Khaimah witnessed a steady performance in hotel performance. Occupancy in November 2016 dropped by 1.6% y-o-y, however a 2.6% increase in ADR resulted in a modest y-o-y increase of 0.5%.

Doha witnessed a positive increase in occupancy when compared to November 2015, increasing by 4.0% in November 2016. However, RevPAR dropped by 6.9% from USD 168 in November 2015 to USD 157 in November 2016.

Saudi Arabia’s hospitality market saw the occupancy and ADR of some of its largest cities (Riyadh, Jeddah) decline in November 2016, resulting in a negative RevPAR performance across all cities.

Oman was able to maintain the same occupancy levels of 76% compared to November 2015, but ADR declined by 16.5% y-o-y, leading to a decline in RevPAR of 16.5% y-o-y.

Kuwait experienced a 3.1% y-o-y increase in ADR, however the drop in occupancy from 57% in November 2015 to 50% in November 2016 resulted in a RevPAR decline of 8.2% in November.

Hotel performance has been weak across the region due to slower economic growth, performance is expected to improve in December, in certain markets, as the holiday season attracts more tourists. It is anticipated that the hospitality market across the GCC will continue to face downward pressure on occupancy and ADR during most of 2017.”


Posted by : Dubai PR Network Editorial Team
Viewed 10303 times
PR Category : Real Estate & Retail
Posted on : Thursday, December 22, 2016  11:42:00 AM UAE local time (GMT+4)
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