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Sat 29 Feb 2020 01:33 AM

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Jeddah hotel room rates slump to lowest January level in 12 years

STR analysts say occupancy levels rise to four-year high in January at the expense of average daily rates

Jeddah hotel room rates slump to lowest January level in 12 years

Analysts STR said hotel occupancy in the Red Sea city soared by 31.8 percent compared to January 2019 to 63.5 percent.

Hotel occupancy levels in Jeddah rose to their highest January mark for four years last month but room rates slumped to a 12-year low, according to new figures.

Analysts STR said hotel occupancy in the Red Sea city soared by 31.8 percent compared to January 2019 to 63.5 percent.

STR attributed the year-over-year spike in occupancy to the midyear school break, which was celebrated in December during the last academic year.

Average daily rate (ADR) fell 9.4 percent to SR600.15 in January, the lowest mark for the month since 2008 while revenue per available room (RevPAR) jumped 19.4 percent to SR381.38.

Hotels in the wider Middle East region reported mixed January performance results, STR added.

Occupancy rose 8.1 percent to 73.3 percent while ADR fell 2.6 percent to $148.57 and RevPAR rose 5.3 percent to $108.90 compared to the same month last year.

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