STR Global: Middle East/Africa YTD June 2014 results
The Middle East/Africa region reported positive performance year-to-date June 2014 when reported in U.S. dollars, according to data compiled by STR Global.
The region reported a 1.0% increase in occupancy to 64.6%, a 3.5% increase in average daily rate to $169.22 and a 4.5% increase in revenue per available room to $109.24.
“While there has not been a lot of movement in occupancy, rate has increased by 5.4% when measured in a constant-currency basis in U.S. dollars , resulting in RevPAR growth of 6.4% for the first six months of the year,” said Elizabeth Winkle, managing director of STR Global. “We are seeing rate growth for all three sub-regions, including the Middle East (+2.4%), Northern Africa (+2.0%) and Southern Africa (+7.2%). It is nice to see some ADR growth across the region, albeit muted, in spite of instability and turbulence in many of the countries,” she added.
“The Middle East, which will be affected by Ramadan starting on 29 June, has reported a mixed picture for the first six months of the year,” Winkle continued. “Jordan and the United Arab Emirates have been the standout countries so far this year. Coming from a low base, Jordan (+11.4%) and Bahrain (+18.3%) both recorded double-digit RevPAR increases for the first half of the year, in local and constant currency,” Winkle added.
In June 2014, the region’s occupancy fell 0.6% to 61.3%; its ADR increased 3.0% to $142.80; and its RevPAR rose 2.4% to $87.57.
Highlights among the Middle East/Africa region’s key markets for June 2014 include (year-over-year comparisons, all currency in U.S. dollars):
•Doha, Qatar (+17.4% to 75.2%), and Beirut, Lebanon (+17.2% to 63.7%), reported the largest occupancy increases.
•Nairobi, Kenya, posted the largest occupancy decrease, falling 11.6% to 57.7%.
•Two markets achieved double-digit ADR increases: Jeddah, Saudi Arabia (+12.0% to $282.62), and Manama, Bahrain (+11.9% to $212.73).
•Riyadh, Saudi Arabia, fell 6.9% in ADR to $221.47, posting the largest decrease in that metric.
•Four markets experienced RevPAR growth of more than 15.0%: Manama (+27.5% to $123.12); Beirut (+20.4% to $105.37); Cape Town, South Africa (+16.0% to $51.68); and Doha (+15.6% to $130.05).
•Nairobi fell 13.0% to $85.11 in RevPAR, posting the largest decrease in that metric.
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