STR Global: Middle East/Africa April 2014 results
The Middle East/Africa region reported positive performance results during April 2014 when reported in U.S. dollars, according to data compiled by STR Global.
The region reported a 2.0-percent increase in occupancy to 67.0 percent, a 7.2-percent increase in average daily rate to US$178.93 and a 9.4-percent increase in revenue per available room to US$119.89.
“The Middle East has consistently been performing well in the recent months, with the exception of the summer months, which are impacted by Ramadan”, said Elizabeth Winkle, managing director of STR Global. “The sub-region has one of the highest pipelines with 40-percent room growth of existing supply. Saudi Arabia and United Arab Emirates are emerging as the stars in the region, as investors are showing increased interest in both. There is a lot of interest and optimism in the region”.
Highlights among the Middle East/Africa region’s key markets for April 2014 include (year-over-year comparisons, all currency in U.S. dollars):
* Manama, Bahrain, rose 17.9 percent in occupancy to 60.1 percent, reporting the largest increase in that metric. Abu Dhabi, United Arab Emirates, followed with a 13.3-percent increase to 79.2 percent.
* Beirut, Lebanon (-16.1 percent to 47.6 percent), and Lagos, Nigeria (-13.8 percent to 59.4 percent), reported the largest occupancy decreases.
* Three markets achieved ADR growth of more than 10 percent: Muscat, Oman (+14.0 percent to US$270.73); Dubai, United Arab Emirates (+10.6 percent to US$283.65); and Jeddah, Saudi Arabia (+10.4 percent to US$248.88).
* Sandton, South Africa, and the surrounding areas, fell 10.8 percent in ADR to US$105.63, reporting the only double-digit decrease in that metric.
* Five markets experienced double-digit RevPAR growth: Muscat (+23.5 percent to US$223.16); Abu Dhabi (+17.2 percent to US$123.30); Amman, Jordan (+13.5 percent to US$120.88); Dubai (+12.8 percent to US$239.64); and Jeddah (+11.3 percent to US$195.96).
* Beirut (-19.1 percent to US$69.72) and Lagos (-15.0 percent to US$161.96) posted the largest RevPAR decreases during April.