Mixed results for MENA hotel sector in July
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Al Taameer Real Estate Investment Company has released its MENA Hospitality Report for July.The report concluded that all three metrics of Kuwait’s hotel industry rose in the month of May on a YoY basis. Hotel occupancy in Kuwait increased 1.0 percentage points YoY to 55.0% in May 2011. Separately, Average Daily Rate (ADR) rose 3.7% YoY to $271.0 and Revenue per Available Room (RevPAR) grew 5.1% YoY to $149.0.Furthermore, all three metrics increased on a year-to-date basis. Hotel occupancy increased 1.0 percentage points YoY to 59.0% during January-May 2011, while ADR and RevPAR grew 3.9% to $280.0 and 6.4% to $167.0, respectively.In the MENA region, Abu Dhabi, UAE witnessed the largest YoY increase in hotel occupancy (up 17.4 percentage points to 64.2%), followed by Riyadh (up 8.4 percentage points YoY to 73.5%).Cairo, Egypt recorded the largest YoY drop in occupancy rate (down 47.6 percentage points to 34.4%), followed by Amman, Jordan (down 19.4 percentage points YoY to 57.2%).Riyadh, Saudi Arabia recorded a double-digit YoY increase in ADR (up 11.3% YoY to $284.93) during May.Abu Dhabi, Amman and Beirut reported a double-digit YoY decline in ADR during May
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