According to PwCs 6th edition Hotels Outlook 2016 2020, revenue from hotel room accommodation in South Africa rose 8.1% in 2015 to R14.2 billion, reflecting an increase in stay unit nights and a 6.5% rise in the average room rate.
Through the first half of 2016, the GCC hotel industry reported a 10.3% year-over-year decrease in the key hotel performance indicator, revenue per available room (RevPAR). According to Statista, the average price of OPEC crude oil in 2016 is down 27.0% (to US$36.13) from the average price per barrel in 2015.
Profit conversion at hotels in Dubai fell to just 6.0% of total revenue in June as the combination of Ramadan and the start of the peak holiday period contributed to declining demand levels, according to the latest data from HotStats.
The hotel, one of a handful scheduled to open around the world, will follow Nobu Hospitality's first Las Vegas project, a boutique hotel within Caesars Palace Las Vegas. The company was founded on a partnership between acclaimed chef Nobu Matsuhisa, actor Robert de Niro and film producer Meir Teper.