Hotels in Dubai reported the highest profit levels in the region in 2013 for the fourth consecutive year, according to the latest HotStats survey of full service four and five star hotels in five MENA markets by TRI Hospitality Consulting. Middle East.
During the month of December, Dubai continued to record strong performance levels reflecting the continued growth experienced throughout the year. Although the market witnessed a 4.5 percentage points decline in occupancy to 79.5 percent, a 9.1 percent rise in Average Room Rates (ARR) to US$ 368.22 drove Revenue Per Available Room (RevPAR) growth of 3.2 percent to US$ 292.70. Average rates and RevPAR for the month exceeded levels witnessed throughout the year and helped push year to date figures up 6.5 percent and 7.6 percent, respectively. Bottom line performance levels in December were boosted by a 2.8 percent rise in Total Revenue Per Available Room (TRevPAR) which was driven by increased MICE revenues and coupled with lower operating costs. Gross Operating Profit Per Available Room (GOPPAR) for the month increased 3.9 percent to US$ 260.00 and helped drive year to date figures up 10.3 percent to US$ 206.05.
“Occupancy levels in December 2013 were marginally lower than December 2012, which is attributed to an increase in supply compared to the same period last year; however average rates were maintained by the minimum stay agreements imposed by hotels during the festive season. A combination of stable demand and increased confidence in the market resulted in hoteliers applying more aggressive yielding strategies which resulted in average rates rising 6.5 percent to US$ 324.44 in 2013” commented Peter Goddard, Managing Director of TRI Hospitality Consulting.
Jeddah witnessed growth in all key performance indicators for the month of December as corporate demand surged in the Hotels in Dubai reported the highest profit levels in the region in 2013 for the fourth consecutive year, according to the latest HotStats survey of full service four and five star hotels in five MENA markets by TRI Hospitality Consulting. Middle East.
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