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The market has rapidly absorbed the influx of new hotel room supply and continued to perform exceptionally well, showing a jump in average room rates from $308 in January 2013 to $337 January 2014, resulting in an increase in revenue per available room, or RevPAR, of 6.2 per cent over the same period, said Yousef Wahbah, Mena Head of Transaction Real Estate at EY.
Overall hospitality market recorded an average occupancy rate of 87 per cent in January 2014, a slight drop from January 2013 of 2.6 per cent but far outpacing the regional rate.
EY?s data on Dubai hotel occupancy rate is higher than the 83.6 per cent reported for January by a recent Mena Hotstats survey which showed that the average room rate in the emirate increased by 10.8 per cent to reach $402.15 in January, boosting RevPar by 9.5 per cent to $347.17 on the back of record air passenger traffic.
In 2013, over 2,780 new hotel rooms within the four and five star hotel segments were added to Dubai?s room supply during 2013, according to EY. Dubai hotels maintained a healthy occupancy of 80 per cent in 2013 with an increase of 6.4 per cent in average daily rate, or ADR, resulting in a RevPAR of $223 in 2013, an increase of 5.9 per cent on 2012.
Yousef Wahbah, MenaHead of Transaction Real Estate at EY, pointed out that January 2014 was another positive month for the hospitality industry in the Middle East, with several GCC cities, also including Doha and Muscat, witnessing robust increases in their hospitality Key Performance Indicators KPIs.