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Mon 24 Feb 2014 01:54 PM

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US hotel giant posts 8.1% rise in Middle East revenues

Marriott's Middle East and Africa chief says region is 'full of opportunity'; set to expand presence

US hotel giant posts 8.1% rise in Middle East revenues
Alex Kyriakidis, president and managing director of Marriott International, Middle East and Africa.

US hotel giant Marriott said on Monday that revenue per available room (RevPAR) across its Middle East and Africa properties rose by more than eight percent last year.

The region, excluding Egypt, saw a RevPAR increase of 8.1 percent, while average occupancy rates rose by 0.9 percent, Marriott said in a statement.

It added that average daily rates (ADR) saw growth of 6.6 percent during the full year. However in Q4, RevPAR declined 3 percent year-on-year, driven by an improved 1.2 percent ADR and a decline in occupancy by 1.3 percent.

Alex Kyriakidis, president and managing director of Marriott International, Middle East and Africa, said: "The hospitality industry in the region is full of opportunity at the moment and we in a good position to capitalise on it. Throughout the year Marriott International has succeeded in expanding its footprint and our growing portfolio is reflecting positively in our results."

With reference to the dip in Q4 figures, Kyriakidis added: "Egypt remains a challenging market for the industry as a result of the on-going political instability. However, we have confidence in the markets ability to bounce back and we remain committed to the Egyptian travel industry."

In MEA, the company currently has a regional presence consisting of 47 properties in 12 countries, offering 13,868 rooms and spanning seven lodging brands.

At the end of 2013, Marriott International had a total of 45 announced properties that are scheduled to join the company's portfolio by 2018, adding 10,777 rooms to the Marriott International system.

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BAsh 5 years ago

majority of your hotels need a face lift, especially the ones in KSA