Preliminary data released by STR for hotels in Jeddah, Saudi Arabia, indicates a rate-driven growth in performance for the month of October.
Based on daily data accrued over the month, Jeddah reported the following in year-over-year comparisons:
- Supply: +12.5%
- Demand: +9.1%
- Occupancy: -3.0% to 50.4%
- Average daily rate (ADR): +13.5% to SAR871.40
- Revenue per available room (RevPAR): +10.1% to SAR439.60.
Significant demand growth year over year was not enough to keep pace with a spike in supply. That imbalance coupled with higher rates led to the lowest October occupancy level in Jeddah since 2004. STR analysts note performance fluctuations have been common in Jeddah this year.
