STR: Preliminary December data for Jeddah hotels
STR’s preliminary December 2017 data for hotels in Jeddah, Saudi Arabia, indicates significant supply growth and negative performance.
Based on daily data from December, Jeddah reported the following in year-over-year comparisons:
Supply: +7.0 percent
Demand: -2.0 percent
Occupancy: -8.4 percent to 45.1 percent
Average daily rate (ADR): -4.1 percent to SAR694.85
Revenue per available room (RevPAR): -12.1 percent to SAR313.45.
STR analysts note that while room demand has fallen, a jump in new supply continues to worsen occupancy levels and pressure rates. The absolute occupancy level would be the lowest for any December on record in Jeddah, while the ADR value would be the lowest for a December since 2010.
STR will release full December and total-year 2017 results later this month.