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Qatar’s hospitality industry witnessed sagging fortunes in the first 10 months, even as Saudi Arabia and the UAE recorded soaring gains, according to Ernst and Young (E&Y). |
Doha hotel room yields fell 8% to $186 as occupancy declined 3% and average room rates by 3.9% ($263) year-to-date in October this year, E&Y said in a report.
However, in October alone, Doha hotel room yields dropped 6.3% to $155 on the back of a 3% drop in occupancy and 2.5% in average room rate to $254.
In the case of Saudi Arabia, Makkah witnessed an 88.4% expansion in room yields to $490 due to a 30% jump in occupancy and 21.8% in average room rate to $571. In Madina, there was a 54.8% rise in room yields to $328 on the back of a 15% growth in occupancy and 21.8% in average room rate to $571.
In Jeddah, hotel room yields gained 29.9% to $212 mainly due to 27.9% jump in average room rate to $275 although occupancy was up mere 1%.
However, in the case of the Saudi Arabian capital of Riyadh, the yields plunged 27% to $108 as there was a 12% shrinkage in occupancy and 9.8% in average room rate to $223.
In the UAE, Dubai outshone other emirates such as Abu Dhabi and Al Ain. Dubai’s prospects were lifted by hotels and apartments than the beach resorts, whose tariffs are on the higher side.
Room yields in Dubai (overall) grew 17.3% to $261 on a 9.7% rise in average room rate to $302 and 5.6% in occupancy.
“This clearly portrays Dubai’s increasingly stable and growing tourism industry in light of the winter season,” according to Yousef Wahbeh, Middle East and North Africa Head of Transaction Real Estate at E&Y.
Dubai saw its hotel room yields gain 20.1% to $198 on the back of a 13.3% jump in average room rate to $230 and 5% in occupancy.
Dubai beach hotels’ room yields gained 14.6% to $365 on a 6.1% rise in average room rate to $421 and 6% in occupancy.
In Al Ain, yields gained 11.2% to $102 as occupancy rose 8% although average room rate declined 1% to $150.
In Abu Dhabi, a 2% fall in hotel room occupancy and 2.1% in average room rate to $226 resulted in a 4% decline in rooms’ yield to $180.
Kuwait witnessed an 8.3% surge in room yields to $232 due to a 3.9% rise in average room rate to $362 and occupancy by 3%.
However, Bahrain witnessed a stupendous 30.6% drop in yields to $96 mainly due to 15% shrinkage in occupancy and 7.5% in average room rate to $204.
Oman also saw a huge 17.8% plunge in yields to $155 on the back of 7% fall in occupancy and 9.7% in average room rate to $223.
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