DAMAC Properties’ hospitality sector has seen a steady increase in occupancy since the onset of the pandemic.
Q4 has recorded occupancy rates of up to 85% marking a significant turnaround for the industry that had witnessed record low drops in April and May due to Covid-19 and the subsequent government-mandated lockdown.
“If you think about it, these are tremendous numbers given the global situation. While some countries are in lockdown because of high numbers of coronavirus cases, Dubai residents are flocking to hotels to enjoy the beautiful weather, views and to feel like they are on vacation since many prefer not to travel under the current circumstances,” says Niall McLoughlin, Senior Vice President of DAMAC.
“This speaks volumes about the UAE’s government’s excellent handling of the pandemic and the hospitality sector is a prime benefactor of these smart policies,” he adds.
A Colliers MENA Hotel Market Survey forecasts recovery in the hospitality sector to begin in Q4 2020 and continue in 2021. The report predicts this trend will likely be bolstered by the buildup to Expo 2020, which will begin at the end of 2021.
Currently, around 80% of DAMAC guests are domestic and 20% are foreigners. Visitors are largely coming from France, Lebanon, UK, US, India, Italy, China, Pakistan and Russia.