Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai adds 2,950 branded hotel rooms in upbeat 2013  Join our daily free Newsletter

MENAFN - Khaleej Times - 25/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Dubai's hospitality market registered only a slight drop in revenue per available room (RevPAR) performance in November 2013 despite the year witnessing the addition of 2,950 new branded hotel rooms in the city





Dubai's hospitality market has rapidly absorbed this influx of new supply and continued to perform exceptionally well, as RevPAR has only declined by 0.3 per cent, according to Ernst & Young's Middle East Hotel Benchmark survey. Dubai's new hotel supply in 2013 included several major five-star hotel openings such as the Ocean View Hotel, the Ritz Carlton extension on Jumeirah Beach, Sofitel Palm Jumeirah, Anantara Plam Jumeirah, Oberoi, and Conrad



In November, Dubai's overall average occupancy decreased by approximately 5.1 per cent compared to November 2012, however, average daily rate (ADR) increased by 5.6 per cent. Dubai's hospitality market performance improved month over month in November, with ADR increasing from 330 in October 2013 to 333 in November 2013, which was coupled with an increase in average occupancy of three per cent during the same period



According to STR Global, Dubai's ADR growth of 9.9 per cent to 290.68 in November far outpaced the regional average growth rate. STR said that the UAE, which is already among the top five countries in the world for new hotel openings over the past five years, saw positive growth throughout the first 11 months of 2013. The country has the longest pipeline of rooms under construction with an additional 32,107 rooms in the offing.



The EY Hotel Benchmark survey noted that Abu Dhabi increased its supply of branded four and five star hotels in 2013 by introducing approximately 1,700 new branded hotel rooms primarily due from the Dusit Thani, Rosewood, St. Regis Nation Towers as well as some others



"Abu Dhabi has witnessed a slight decrease in ADR in November 2013, dropping from 256 to 250 year on year, resulting in minor decline in RevPAR of 0.7 per cent during the same period," said Yousef Wahbah, Mena head of transaction real estate at EY. In Saudi Arabia, holy city of Madinah and Riyadh's hospitality markets registered a decline in RevPAR in November 2013 compared to November 2012. Madina's RevPAR decreased by 35.7 per cent as compared to November 2012 figures, mainly due to low ADR in November 2013, which averaged at 158 compared to 214 in November 2012, coupled by a drop in average occupancy of seven per cent during the same period



Holy city of Makkah also registered a decrease in ADR of 33.3 per cent in November 2013, compared to the same period last year, declining from 364 in November 2012 to 243 in November 2013. Riyadh's hospitality market performance also decreased during the same period, as average occupancy declined by 16 per cent, in addition to a decrease in ADR from 235 in November 2012 to 209 in November 2013, resulting in a decline in Riyadh's RevPAR of 33.5 per cent



Occupancy rates in Muscat increased by 12 per cent with ADR dropping slightly by 0.4 per cent resulting in an overall increase in RevPAR of 16.5 per cent compared to the same time last year



Elsewhere in the GCC, Bahrain experienced a slight three per cent increase in occupancy with ADR declining by two per cent and RevPAR increasing overall by 5.3 per cent respectively, compared to November 2012. Doha saw a slight dip in its occupancy rates, with November recording a three per cent decrease and a 16.5 per cent decrease in RevPAR largely due to rates dropping from 289 in November 2012 to 252 in November 2013


 


Khaleej Times




  MENA News Headlines
 Aug 29 2015 - Abraaj exists Condor Travel stake to CarlyleMENAFN
(MENAFN) Dubai-based Abraaj Group has announced the signing of an agreement to exit its stake in Condor Travel to The Carlyle Group.The exit, through Abraaj's Latin American Fund, marks the first ...

 Aug 29 2015 - GCC construction contracts to drop to USD194b in 2015MENAFN
(MENAFN) Construction in the GCC will increase in value despite a slight dip in the overall contract awards this year caused in part by cheap oil, according to an industry expert.The man behind the ...

 Aug 29 2015 - Middle East business confidence continues to drop in Q2MENAFN
(MENAFN) Business confidence in the Middle East continued to fall in the second quarter of 2015, but not as quickly as it had in the first three months of the year, according to a new survey.The ...

 Aug 29 2015 - 9 hours battling death at sea off the Libyan coastThe Peninsula
(MENAFN - The Peninsula) Pakistani teenager Shefaz Hamza spent nine hours at sea clinging to the wreckage of a migrant boat that sank off Libya. By the time the coast guard arrived his mother and ...

 Aug 29 2015 - Qatar Exchange index jumps 3.08pcThe Peninsula
(MENAFN - The Peninsula) Qatar Exchange (QE) index finished in the green yesterday, after a sharp rise in all sectors. The market gained 3.08 percent or 337.84 points to reach 11,295.46. The market ...

 Aug 29 2015 - Arabs brace for weak oil for rest of 2015The Peninsula
(MENAFN - The Peninsula) A second oil price rout of 2015 has forced Arab Opec members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to ...

 Aug 29 2015 - Lebanon- Hezbollah, Christian allies boycott cabinet meetingThe Peninsula
(MENAFN - The Peninsula) The Lebanese Shia group Hezbollah and allied Christian politicians boycotted a cabinet meeting yesterday, a sign of rising political tensions that have paralysed Prime ...

 Aug 29 2015 - IS kills two generals in IraqThe Peninsula
(MENAFN - The Peninsula) suicide attack claimed by the Islamic State (IS) group killed two Iraqi generals yesterday in the key battleground province of Anbar, as the militants made gains in ...

 Aug 29 2015 - Iraq- At least 11 Daesh Militants Killed in AnbarThe Peninsula
(MENAFN - The Peninsula) 11 Daesh militants, some of them belonging to foreign nationalities, were killed in a pre-emptive attack against a hideout of the organization east of Ramadi city, in Anbar ...

 Aug 29 2015 - At least 78 dead in Libya refugee boat disasterThe Peninsula
(MENAFN - The Peninsula) At least 76 people have died after a ship carrying hundreds of migrants and refugees sank off the coast of Libya, the Libyan Red Crescent said Friday. The United Nations ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help