This year’s STR preliminary October data for hotels in Jeddah indicates rate-driven performance growth.
Based on STR Global's latest report, occupancy in Middle Eastern accommodations fell 2.8 percent to 60.9 percent during the third quarter of this year (Q3) while average daily rate plummeted 8.1 percent to USD145.50.
Hotels in the Asia Pacific region reported positive results in the three key performance metrics during August according to data from STR.
In August, Europe reported 75,755 rooms in 488 hotels in construction, a year-on-year increase of 17.5 percent in rooms, as revealed in STR’s August 2017 Pipeline Report.
In three days leading up to the total solar eclipse on August 21, hotels in the path of the totality reported an 87 percent surge in RevPAR, and a 244 percent jump in RevPAR the night before the event, according to STR.
In July, the Caribbean and Mexico region recorded 16,015 rooms in 89 hospitality projects in construction, marking a 23.6 percent year-on-year increase, as revealed in STR’s July 2017 Pipeline Report.
According to STR’s July 2017 Pipeline Report, the Central and South America region reported 27,333 rooms in 169 hotel projects in construction during the month, a 2.1 percent drop in the number of keys over July 2016.
STR’s July 2017 Pipeline Report revealed that 626,535 rooms in 2,834 hotel projects were under contract in the Asia Pacific region, marking a year-on-year increase of seven percent in terms of keys.
In July, there were 166,166 units in 590 hotel projects were under contract in the Middle East according to STR’s July 2017 Pipeline Report, a year-on-year increase of 6.6 percent over July 2016.