STR Global: Middle East/Africa May 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 1.9-percent increase in occupancy to 63.5 percent, a 3.1-percent increase in average daily rate to US$154.14 and a 5.1-percent increase in revenue per available room to US$97.94.
“Bahrain is currently showing the highest growth in terms of occupancy (+27.8 percent), though the country is coming from a low base in 2013”, said Elizabeth Winkle, managing director of STR Global.
“Despite the double-digit growth rate, Bahrain’s occupancy is at 57.2 per cent. Kuwait is leading the ADR increases in the region, as the country rose 12.8 percent to KWD72.18. Egypt is still seeing occupancy levels below 50.0 percent, while rate growth continues to be muted. Kenya also is reporting negative occupancy and RevPAR growth due to the recent events”.
“The Middle East has the fastest growing pipeline in the world, with 99,199 rooms Under Contract as of May”, Winkle continued.
“The United Arab Emirates and Saudi Arabia have emerged with two of the most robust pipelines in the Middle East, as these two countries combined make up 70.0 percent of the rooms in the region’s pipeline”.
Highlights among the Middle East/Africa region’s key markets for May 2014 include (year-over-year comparisons, all currency in U.S. dollars):
• Manama, Bahrain, rose 29.7 percent in occupancy to 56.9 percent, achieving the largest increase in that metric. Doha, Qatar, followed with a 13.0-percent increase to 75.8 percent.
• Lagos, Nigeria, fell 16.1 percent to 58.0 percent in occupancy, posting the largest decrease in that metric.
• Amman, Jordan, achieved the only double-digit ADR growth in May, up 13.8 percent to US$184.77.
• Riyadh, Saudi Arabia, fell 6.1 percent in ADR to US$241.65, experiencing the largest decrease in that metric.
• Manama (+28.8 percent to US$112.86) and Amman (+21.1 percent to US$136.92) led the RevPAR increases.
• Lagos decreased 20.9 percent in RevPAR to US$150.74, reporting the largest decrease in that metric.