Hoteliers in Jeddah are set to register the highest occupancy rate seen in the Saudi city since August 2016
Hoteliers in Jeddah are set to register the highest occupancy rate seen in the Saudi city for nearly three years.
STR’s preliminary July data for Jeddah indicated high occupancy but double-digit rate declines due to comparison with a strong 2018.
Based on daily data from July, Jeddah hotels reported a 7.3 percent increase in supply against a 9.5 percent rise in demand.
STR said occupancy in the city is set to rise 2.1 percent to 76.8 percent, the highest level since August 2016.
Its data also showed that average daily rate (ADR) fell 11.9 percent to SR1,239.04 while revenue per available room (RevPAR) dropped by 10 percent to SR951.36 compared to the year-earlier month.
STR analysts noted that although rates were down, occupancy held strong because of high demand. While RevPAR was down year over year, the absolute level in the metric was the second-highest after June since August 2018.