|01-19-2015, 05:18 PM||#1|
Dubai room rates hit 7-year high ahead of Expo 2020
Room rates in Dubai reached the highest level since 2008 in December, a ccording to STR Global, as hotels race to boost capacity ahead of the Expo 2020.
The average rate of hotel rooms jumped 1.7% to DH1,024, with a 0.3% increase in revenues Per Available Room (RevPAR) to Dh812, the U.S.-based data research firm said last week.
However, hotel occupancy plummeted 1.4% to 79.3% in December.
"The decline in occupancy is driven by supply. Supply growth is currently at 6.9 per cent, and demand growth whilst keeping pace and still growing is slightly behind, with 5.3% for December 2014,” said STR Global.
In the first nine months of 2013, almost 2.5 million guests checked in Abu Dhabi hotels — a 26% increase compared to the same period in 2013. This period was the best for Abu Dhabi hospitality industry so far.
China is considered one of the major drivers of such an incline, with hotel guests check-ins jumping 167% in the first nine months of 2013.
Meanwhile, the hospitality industry continues to drive Dubai`s jobs markets ahead of the Expo 2020, expected to welcome 25 million visits, with 70% originating from overseas.
Between now and 2010, the Expo 2020 is projected to generate 17.7 billion euros, and create over 275 thousand jobs in and around the region.
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