Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai hotels excel in profit levels in the region in 2013  Join our daily free Newsletter

MENAFN - Khaleej Times - 01/02/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) Hotels in Dubai reported the highest profit levels in the region in 2013 for the fourth consecutive year, and ended the year with occupancy above 80 per cent as rates surged, according to the latest HotStats survey of full service four and five star hotels in five Mena markets by TRI Hospitality Consulting Middle East



In December, Dubai continued to record strong performance levels reflecting the continued growth experienced throughout the year. Although the market witnessed a 4.5 percentage points decline in occupancy to 79.5 per cent, a 9.1 per cent rise in Average Room Rates (ARR) to 368.22 drove Revenue Per Available Room (RevPAR) growth of 3.2 per cent to 292.70, the report said



Data compiled by STR Global also shows that hotel sector in Dubai and the UAE in general has been on an upswing



With Expo 2020 in the offing, Dubai plans to double its visitor numbers from 10 million to 20 million in seven years



Philip Wooller, area director of Middle East and Africa for STR Global, said it would be a fascinating journey for Dubai. Announcements will soon be released for all the new projects in the run up to the event, Wooller said. "The numbers alone suggest the hotel supply will need to nearly double from the existing 68,000 rooms to 120,000 rooms.



In December, the Middle East/Africa region reported positive results with a 3.0 per cent increase in occupancy to 59.5 per cent, a 4.2-per cent increase in average daily rate to 180.65 and a 7.3-per cent increase in revenue per available room to 107.44



According to HotStats, average rates and RevPAR for Dubai hotels in December exceeded levels witnessed throughout the year and helped push year to date figures up 6.5 per cet and 7.6 per cent, respectively. Bottom line performance levels in December were boosted by a 2.8 per cent rise in Total Revenue Per Available Room (TRevPAR), which was driven by increased MICE revenues and coupled with lower operating costs. Gross Operating Profit Per Available Room (GOPPAR) for the month increased 3.9 per cent to 260.00 and helped drive year to date figures up 10.3 percent to 206.05, the report said




Peter Goddard, Managing Director of TRI Hospitality Consulting, said occupancy levels in December 2013 were marginally lower than December 2012, which is attributed to an increase in supply compared to the same period last year; however average rates were maintained by the minimum stay agreements imposed by hotels during the festive season. "A combination of stable demand and increased confidence in the market resulted in hoteliers applying more aggressive yielding strategies which resulted in average rates rising 6.5 per cent to 324.44 in 2013," said Goddard



Jeddah witnessed growth in all key performance indicators for the month of December as corporate demand surged in the city. The combined effects of a 5.2 percentage point rise in occupancy to 73.3 per cent coupled with a 1.9 per cent increase in ARR drove RevPAR up 9.7 per cent to 171.05 in Jedda



Doha hotels experience stronger demand, however rates and profits continue to fall. "Doha Hotels continued to struggle to elevate key performance indicators which remained under pressure during December, despite a 3.1 percentage point rise in occupancy to 63.3 per cent. On-going rate reductions resulting from high levels of competition fuelled a 20.8 per cent decline in ARR to 226.99 which in turn, drove RevPAR down 16.8 per cent to 143.71," the report said


 


Khaleej Times




  MENA News Headlines
 Mar 29 2017 - “Talal Abu-Ghazaleh Professional Training” and AlMotahida Education Group Sign Partnership AgreementMENAFN Press
(MENAFN Editorial)Talal Abu-Ghazaleh Professional Training Group (TAGI-Train) and AlMotahida Education Group (AEG) signed a partnership agreement in the field of digital education in the presence of ...

 Mar 29 2017 - Qatar Airways launches direct flights to TbilisiBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : Qatar Airways now operates four direct flights toTbilisifrom Doha's Hamad International Airport, in addition to the existing seven weekly flights that operate ...

 Mar 29 2017 - Emirates commences daily flights to Fort LauderdaleBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dubai : Emirates launched its 11th destination in the United States with the start of a daily nonstop passenger service between and Fort Lauderdale-Hollywood ...

 Mar 29 2017 - US-Bangla increases its frequencies to MuscatBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : US-Bangla Airlines has increased its flights to Muscat from its present four flights to six a week , with effect from December 18, in response to the growing ...

 Mar 29 2017 - Etihad Airways starts restructuring, job cuts as growth slowsBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : Etihad Airways PJSC will eliminate jobs across several units, highlighting the pressure on carriers in the Persian Gulf to adapt to slowing growth after years of ...

 Mar 29 2017 - US-Bangla flies to fifth int'l destination SingaporeBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : US-Bangla Airlines, the country's leading premium airline, started flights to its fifth international destination Singapore on March 9. The flights leave ...

 Mar 29 2017 - Oman Air takes delivery of first stretched B787-9Bangladesh Monitor
(MENAFN - Bangladesh Monitor) Muscat : Oman Air has taken delivery of its first Boeing B787-9. The stretched version of the widebody aircraft joins four B787-8s in the fleet. The Omani flag carrier ...

 Mar 29 2017 - Dubai Airport outlaws round bags from baggage operationsBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dubai : Airports will soon introduce a new baggage rule to help improve service, reduce the risk of mishandlings and enhance the performance of its check-in and baggage ...

 Mar 29 2017 - MENA to receive 195m international tourists by 2030Bangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : United Nations World Tourism Organi-sation (UNWTO) and ATM Ministerial Forum at the Arabian Travel Market, taking place on April 24 in the Dubai World Trade ...

 Mar 29 2017 - Sylhet becomes flydubai's third destination in BangladeshBangladesh Monitor
(MENAFN - Bangladesh Monitor) Sylhet : A direct flight of Dubai-based flydubai, codeshared with Regent Air-ways, landed in MAG Osmani International Airport on March 15 that made the airport ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help