- Lagos registers record occupancy and RevPAR levels
- Strong demand for Jeddah hotels helped by new airport terminal
Hotels in the Middle East reported mixed October 2019 performance results, while hotels in Africa posted mostly positive results across the three key performance metrics, according to data from STR.
U.S. dollar constant currency, October 2019 vs. October 2018
• Occupancy: +6.5% to 67.6%
• Average daily rate (ADR): -3.9% to US$143.62
• Revenue per available room (RevPAR): +2.3% to US$97.07
• Occupancy: -0.4% to 65.8%
• Average daily rate (ADR): +1.8% to US$109.61
• Revenue per available room (RevPAR): +1.4% to US$72.14
Local currency, October 2019 vs. October 2018
• Occupancy: +17.4% to 68.4%
• ADR: -3.8% to NGN46,699.89
• RevPAR: +12.9% to NGN31,932.35
The absolute occupancy and RevPAR levels were the highest for an October in STR’s Lagos database. Demand grew 17.0%, while supply was slightly muted (-0.3%). STR analysts note that demand growth reached double-digits during the days of the Aké Arts and Book Festival (24-27 October).
• Occupancy: +23.9% to 48.1%
• ADR: +14.9% to SAR778.34
• RevPAR: +42.4% to SAR374.69
While the market registered a double-digit increase in occupancy, the absolute level in the metric was the second-lowest for an October since 2001. STR analysts note the market’s substantial increase in demand (+30.2%). Helping that growth was the opening of the King Abdul Aziz International Airport Terminal 1 and an increase in the number of international flights in the market.
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