Hotels in the Middle East reported negative performance results during November 2017 – according to figures released by STR.
U.S. dollar constant currency, November 2017 vs. November 2016
- Occupancy: -1.8% to 69.6%
- Average daily rate (ADR): -4.6% to US$171.10
- Revenue per available room (RevPAR): -6.3% to US$119.01
STR analysts note that consistent declines in RevPAR over the past two years correlates with the drop in oil prices. Qatar, Bahrain and Saudi Arabia have experienced the steepest performance decreases in 2017, and all have been significantly affected by reduced corporate business.