Performance of hoteliers in UAE capital is boosted by the hosting of a major competition - STR
Abu Dhabi hoteliers saw room rates, occupancy and revenues rebound in October, boosted by the hosting of a major competition, according to analysts.
STR said its preliminary October data for Abu Dhabi indicates high demand and strong performance growth.
Based on daily data from October, Abu Dhabi reported a 0.5 percent increase in supply which was dwarfed by a 13.2 percent jump in demand.
STR also revealed that occupancy for the month is in line to rise by 12.7 percent to 80.9 percent compared to the year-earlier period. This is also up more than 15 percent on the 65.1 percent figure recorded just two months ago.
In October, average daily rate (ADR) is set to increase by 2.3 percent to AED465.58 while revenue per available room (RevPAR) is forecast to soar by more than 15 percent to AED376.88.
STR analysts said that significant demand growth was helped by the World Skills competition, which was held October 15-18. Occupancy was above 90 percent three times during the event, while ADR was more than AED500 each night.