STR Global: Middle East/Africa March 2014 results
The Middle East/Africa region reported mixed performance results during March 2014 when reported in U.S. dollars, according to data compiled by STR Global.
The region reported a 0.7% decrease in occupancy to 66.9 percent, a 2.1% increase in average daily rate to $178.18 and a 1.4-percent increase in revenue per available room to US$119.19.
“The Middle East is once again driving the positive growth in the region”, said Elizabeth Winkle, managing director of STR Global. “Northern Africa is reporting decreases, while Southern Africa’s performance remains flat. Market performance across the region is very mixed. Doha, Dubai and Muscat have achieved occupancy levels over 80%, but other markets, including Beirut, Cairo, Riyadh and Sandton, posted occupancies of 38.9%, 37.6%, 71.8%, and 67.9%, respectively”.
“Cape Town, host of the 2010 World Cup, is showing favourable performance for March”, Winkle continued. “Since October 2011, the market has reported ADR growth every month, edging closer to the ADR levels achieved during the World Cup. With March posting occupancy of 79.4%, the market is closing the gap to its pre-global financial crisis occupancy peak of 82.4 percent achieved in March 2008. The limited supply growth of 1% since 2010 is aiding the recovery”.
Highlights among the Middle East/Africa region’s key markets for March 2014 include (year-over-year comparisons, all currency in U.S. dollars):
* Nairobi, Kenya, jumped 60.5 percent in occupancy to 60.5%, reporting the largest increase in that metric. Manama, Bahrain, followed with a 32.2% increase to 60.7%.
* Beirut, Lebanon, posted the largest occupancy decrease, falling 25.1 percent to 38.9%. The market also reported the largest RevPAR decrease, falling 29.8% to $54.45.
* Jeddah, Saudi Arabia, rose 8.5% in ADR to $247.56, reporting the largest increase in that metric.
* Doha, Qatar, fell 10.4% in ADR to $187.18 posting the only double-digit decrease in that metric.
* Nairobi jumped 70.9% in RevPAR to $94.15, achieving the largest increase in that metric. Manama followed with a 29.6% increase to $119.14.
During the first quarter, the Middle East/Africa region’s occupancy increased 1.2% to 65.5%; its ADR was up 2.9% to $179.74; and its RevPAR rose 4.2% to $117.72.
Manager, Marketing & Analysis
+44 (0)207 922 1965