STR: Preliminary October data for Jeddah hotels
STR’s preliminary October 2017 data for hotels in Jeddah, Saudi Arabia, indicates rate-driven performance growth.
Based on daily data from October, Jeddah reported the following in year-over-year comparisons:
Supply: +12.5 percent
Demand: +9.1 percent
Occupancy: -3.0 percent to 50.4 percent
Average daily rate (ADR): +13.5 percent to SAR871.40
Revenue per available room (RevPAR): +10.1 percent to SAR439.60.
Significant demand growth year over year was not enough to keep pace with a spike in supply. That imbalance coupled with higher rates led to the lowest October occupancy level in Jeddah since 2004. STR analysts note performance fluctuations have been common in Jeddah this year.
STR will release full October 2017 results later this month.