STR’s preliminary November 2016 data for Abu Dhabi indicates significantly lower average daily rate in year-over-year comparisons.
Based on daily data from November, Abu Dhabi reported the following:
- an increase in supply (+2.7%) and nearly flat demand (-0.4%);
- a 3.1% decrease in occupancy to 81.0%;
- an 11.1% decrease in ADR to AED660.14; and
- a 13.8% decrease in revenue per available room (RevPAR) to AED534.97.
Despite the year-over-year decrease, the absolute ADR level is the highest in Abu Dhabi since last November.
Market performance for the month was helped by the Formula 1 Abu Dhabi Grand Prix (25-27 November), with four straight days of ADR above AED1,000 and year-over-year increases of 101.5% and 143.7%, respectively, on 24-25 November.
STR analysts also note that supply growth slowed a bit compared with the +3.6% average in the market during the first 10 months of 2016.
STR will release actual November 2016 results later this month.