Kingdom Hotel Investments (KHI), the international hotel and resort company owned by Prince Alwaleed bin Talal al Saud, said on Tuesday that its revenues declined 11 percent in 2009, against the year earlier.
RevPAR, which is the product of the average daily rate and occupancy, is the industry benchmark for measuring hotel performance.
Performance in Q4 2009 did show signs of improvement, increasing three percent globally in the three months to December 31, compared to the same period in 2008.
However, in the Middle East region, KHI’s RevPAR slumped seven percent in the quarter, the company said in a statement.
KHI said that “the Mövenpick Beirut and El Quseir, together with the Four Seasons Damascus, all experienced RevPAR rises but were offset by continued significant falls at the Mövenpick Dubai”.
The company added that net debt at December 31 was $173m, with cash balances totaling $351m.
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