Quotes: US 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
 Sep 20 2014 - Syrian Kurds fleeing to Turkey pass 45000-markArab News
(MENAFN - Arab News) SURUC Turkey: Tens of thousands of Syrian Kurds have crossed into Turkey in the past 24 hours fleeing an advance by Islamic State fighters who have seized dozens of villages ...

 Sep 20 2014 - Yemen TV building on fire as clashes continue in capitalArab News
(MENAFN - Arab News) SANAA: Yemen's state-run television building caught fire after a three-day mortar attack by Shiite rebels who are protesting against the government residents and a TV employee ...

 Sep 20 2014 - Saudi- Jubail airport handles first civilian flightArab News
(MENAFN - Arab News) The first civilian aircraft landed at Jubail airport on Thursday morning marking its transformation from a purely military facility.The General Authority of Civil Aviation (GACA) ...

 Sep 20 2014 - Saudi- Four held for stealing money carsArab News
(MENAFN - Arab News) Jubail police have arrested four young men who stole money from a company's safe and four vehicles from a car rental firm. They used the cars for drifting.Col. Ziad Al-Ruqaiti ...

 Sep 20 2014 - Saudi- Factories ignore safety rulesArab News
(MENAFN - Arab News) Many factories and workshops in the Kingdom do not abide by safety and security standards to protect their buildings against fires. Such factories also do not maintain their air ...

 Sep 20 2014 - Saudi- Preparations for pilgrims in Madinah completeArab News
(MENAFN - Arab News) Madinah Mayor Khaled Taher said that the municipality's preparations for this year's Haj have been completed as scheduled. The municipality's action plan aims at offering ...

 Sep 20 2014 - Saudi- 1000 Mozambicans to arrive next weekArab News
(MENAFN - Arab News) Some 1000 pilgrims from Mozambique will arrive in Jeddah for this year's Haj in three separate groups according to Mozambican Ambassador Cesar Gouveia.'I'll be traveling to ...

 Sep 20 2014 - Saudi- Security agencies ready for any situation during HajArab News
(MENAFN - Arab News) Security and government agencies responsible for pilgrims' welfare during Haj are fully equipped to tackle any disaster including a helicopter ambulance and doctors linked with ...

 Sep 20 2014 - Saudi- Women investors beat men in stock marketArab News
(MENAFN - Arab News) The number of Saudi women investors in the stock market has grown by 5 percent while men investors increased by 2 percent over the first half of this year.There are now 892900 ...

 Sep 20 2014 - With 4.2m links 47m clips IS rules cyberspaceArab News
(MENAFN - Arab News) A 44-page search result by the search engine Google has revealed 4.2 million links and counting of Arabic websites newspapers and social networking sites in reference to ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help