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 28 2017 - Kan Yama Kan Inaugurates a 2000-book School Library in IndiaMENAFN Press
(MENAFN Editorial)The Kan Yama Kan (Once Upon a Time) initiative, a subsidiary of the UAE Board on Books for Young People (UAEBBY), has recently inaugurated a 2,000-book library at the Naushera Mewat ...

 Mar 28 2017 - KIB’s showjumping team earns new accoladeMENAFN Press
(MENAFN Editorial)The Kuwait International Bank (KIB) showjumping team recently earned a new impressive accolade, adding to its growing roster of achievements, with jockey Ahmad Al-Mudaheka nabbing ...

 Mar 28 2017 - Munich’s Bayerischer Hof Hotel to spend $11 million to increase share of projected 3.6 million GCC visitors to Germany by 2030MENAFN Press
(MENAFN Editorial)The historic Bayerischer Hof Hotel in Munich is to spend over EURO12 million ($11 million) on a renovation project aimed at attracting more GCC visitors. The multi award-winning ...

 Mar 28 2017 - Bank Muscat - Ratings Lowered in line with Recent Oman Sovereign Rating Action Outlook Revised to StableMENAFN Press
(MENAFN Editorial) 28th March 2017 Bank Muscat’s Ratings Lowered in line with Recent Oman Sovereign Rating Action; Outlook Revised to ‘Stable’ Capital Intelligence Ratings (CI Ratings or CI), ...

 Mar 28 2017 - H.E. Alfadhel Mohamed Al Harthy, Secretary General to the Cabinet inaugurates the 1st Edition of Smart City Summit OmanMENAFN Press
(MENAFN Editorial)The 1st Edition of the Smart City Summit Oman was inaugurated by H.E. Alfadhel Mohamed Al Harthy, Secretary General to the Cabinet at the Oman Convention & Exhibition Centre on 28th ...

 Mar 28 2017 - Sharjah Officially Launches its Childhood Protection NetworkMENAFN Press
(MENAFN Editorial)As part of its overall development strategy, and its efforts to provide a safe life, excellent childcare and to protect children’s rights, the Emirate of Sharjah launched the ...

 Mar 28 2017 - Al Mazaya Holding endorses 8 percent of share nominal value in cash for Shareholders in 2016MENAFN Press
(MENAFN Editorial)Al Mazaya Holding’s Ordinary General Assembly convened on Tuesday, March 28 2017, at Al Mazaya Tower, strategically located in Al Mirqab Area in Kuwait City, one of the company’s ...

 Mar 28 2017 - Sharjah to Showcase its Leading Integrated Business Environment at AIM 2017MENAFN Press
(MENAFN Editorial)Sharjah FDI Office (Invest in Sharjah) - the promotional arm of Sharjah Investment and Development Authority (Shurooq) - has announced that it will participate at the seventh ...

 Mar 28 2017 - In the presence of HH Sheikh Ahmed bin Saeed Al Maktoum, H.E. Essa Kazim, Governor of DIFC, welcomes President of the Republic of Kazakhstan and distinguished delegationMENAFN Press
(MENAFN Editorial)His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), earlier this week welcomed His Excellency Nursultan Nazarbayev, the President of the Republic of ...

 Mar 28 2017 - City Centre Rotana Doha celebrates Vietnamese Food Week with Iron Chef Michael BaoMENAFN Press
(MENAFN Editorial)Teatro, City Centre Rotana’s specialty signature restaurant, in partnership with Emirates Airline will host a Vietnamese Food Week featuring award winning Iron Chef Michael Bao ...

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