MENA hospitality metrics remain positive: Al Taameer
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The recently published MENA hospitality report by Al Taameer Real Estate Investment stated that the three hotel industry metrics in Kuwait displayed positive results in January 2012 compared to January 2011. Hotel occupancy rate in the country remained unchanged at 55.5%. Average Daily Rate (ADR) increased 6.4%.
The hotel industry in MENA displayed positive results in January 2012 as ADR increased 6.4% to US$ 181.6 and occupancy rate remained unchanged at 55.5% vis-à-vis January 2011.
For the MENA region, in January 2012, Beirut witnessed the largest increase in hotel occupancy (up 32.0% to 53.4% compared to January 2011) followed by Amman (up 30.8% to 64.7% vis-à-vis January 2011) and Jeddah (up 26.9% to 74.0% vis-à-vis January 2011). Cairo witnessed the largest fall in occupancy (down 42.4% to 36.4% from January 2011).
Jeddah, followed by Dubai, recorded the largest increase in ADR in the region. In January 2012, ADR rose 13.4% to US$ 211.5 in Jeddah and 11.8% to US$ 269.8 in Dubai vis-à-vis January 2011 levels. ADR in Cairo decreased 13.0% to US$111.0 during the same month.
As of January 2012, the active hotel development pipeline in MENA comprised 495 hotels with 131,981 rooms. Qatar reported the largest expected growth rate (up 69.9%) with 7,340 rooms in the total active pipeline.
Other key markets in the MENA region with expected growth rate of more than 40% are Oman (up 68.8% with an addition of 4,504 rooms); Saudi Arabia (up 54.0% with an addition of 25,398 rooms); UAE (up 48.0% with an addition of 44,056 rooms); Algeria (up 41.2% with an addition of 1,691 rooms) and Kuwait (up 40.6% with an addition of 2,504 rooms).