MEA hotels post positive performance for May 2014: STR

Middle East hotels post positive results
Middle East hotels post positive results

The recent STR Global hotel performance report for May 2014 for the Middle East and Africa region reported positive results. The region reported a 1.9% increase in occupancy to 63.5%, a 3.1% increase in average daily rate to US$154.14 and a 5.1% increase in revenue per available room to US$97.94.

“Bahrain is currently showing highest growth in terms of occupancy (+27.8%), though the country is coming from a low base in 2013,” said Elizabeth Winkle, managing director of STR Global. “Despite double-digit growth rate, Bahrain’s occupancy is at 57.2%. Kuwait is leading the ADR increases in the region, as the country rose 12.8% to KWD72.18. Egypt is still seeing occupancy levels below 50%, while rate growth continues to be muted. Kenya also is reporting negative occupancy and RevPAR growth due to recent events”.

“The Middle East has the fastest growing pipeline in the world, with 99,199 rooms under contract as of May,” added Winkle. “The UAE and Saudi Arabia have emerged with two of robust pipelines in the Middle East, as these two countries combined make up 70% of the rooms in the region’s pipeline.”

Manama rose 29.7% in occupancy to 56.9%, achieving the largest increase. Doha followed with a 13% increase to 75.8%. Lagos fell 16.1% to 58% in occupancy, posting the largest decrease. Amman achieved the only double-digit ADR growth in May, up 13.8% to US$184.77. Riyadh fell 6.1% in ADR to US$241.65, experiencing the largest decrease. Manama with 28.8% to US$112.86 and Amman with 21.1% to US$136.92 led RevPAR increases. Lagos decreased 20.9% in RevPAR to US$150.74, reporting largest decrease in that metric.

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