Dubai occupancy rates fall 14% in Q3 of 2008

Hotel occupancy rates in Dubai fell 14 percent in the third quarter compared to the same period a year earlier, latest data from the emirate's Department of Tourism showed.

The occupancy rate for hotel beds declined to 75.2 percent from 83.1 percent a year earlier, the data showed, while the number of guest-nights in hotels dropped 3.5 percent.

But the number of hotel rooms available grew 13.3 percent, and the number of beds rose 9.9 percent.

Total revenue by hotels in the second quarter rose 11.6 percent to 2.55 billion dirhams ($694.2 million) compared to the previous year.

The tide has turned quickly in Dubai as slumping oil prices and the global financial meltdown put an end to the glitzy emirate's property boom, forcing companies to slash thousands of jobs and cancel some dramatic expansion projects. (Reuters)

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