LONDON - Hotels in the Middle East reported mixed October 2019 performance results, while hotels in Africa posted mostly positive results across the three key performance metrics, according to data from STR.
U.S. dollar constant currency, October 2019 vs. October 2018
Middle East
- Occupancy: +6.5% to 67.6%
- Average daily rate (ADR): -3.9% to US$143.62
- Revenue per available room (RevPAR): +2.3% to US$97.07
Africa
- Occupancy: -0.4% to 65.8%
- Average daily rate (ADR): +1.8% to US$109.61
- Revenue per available room (RevPAR): +1.4% to US$72.14
Local currency, October 2019 vs. October 2018
Lagos, Nigeria
- Occupancy: +17.4% to 68.4%
- ADR: -3.8% to NGN46,699.89
- RevPAR: +12.9% to NGN31,932.35
The absolute occupancy and RevPAR levels were the highest for an October in STR’s Lagos database. Demand grew 17.0%, while supply was slightly muted (-0.3%). STR analysts note that demand growth reached double-digits during the days of the Ake Arts and Book Festival (24-27 October).
Jeddah
- Occupancy: +23.9% to 48.1%
- ADR: +14.9% to SAR778.34
- RevPAR: +42.4% to SAR374.69
While the market registered a double-digit increase in occupancy, the absolute level in the metric was the second-lowest for an October since 2001. STR analysts note the market’s substantial increase in demand (+30.2%). Helping that growth was the opening of the King Abdul Aziz International Airport Terminal 1 and an increase in the number of international flights in the market.
Europe hotel performance for October 2019
Europe’s hotel industry reported positive results in the three key performance metrics during October 2019, according to data from STR.
Europe’s hotel industry reported positive results in the three key performance metrics during October 2019, according to data from STR.
Euro constant currency, October 2019 vs. October 2018
Europe
- Occupancy: +0.2% to +76.8%
- Average daily rate (ADR): +0.8% to EUR115.15
- Revenue per available room (RevPAR): +1.1% to EUR88.40
Local currency, October 2019 vs. October 2018
Prague
- Occupancy: +0.3% to 86.7%
- Average daily rate (ADR): +4.2% to CZK2,680.45
- Revenue per available room (RevPAR): +4.6% to CZK2,322.95
STR analysts attribute the positive performance levels to minimal supply growth. Prague’s development pipeline is modest as well with only a 2.1% increase on existing inventory expected by 2021. International arrivals have also played a part in the higher performance, as Prague welcomed 7.9 million overnight arrivals in 2018. That number is expected to grow for 2019 as a whole.
Barcelona
- Occupancy: -2.0% to 83.4%
- Average daily rate (ADR): +9.1% to EUR155.88
- Revenue per available room (RevPAR): +6.9% to EUR129.99
The absolute ADR level was the highest for an October in STR’s Barcelona database. STR analysts attribute the increase in performance to medical congresses held in the market, such as the United European Gastroenterology Week (19-23 October) and the European Association of Nuclear Medicine 2019 (12-16 October).
Tags: STR
