Hotels in Jeddah experienced a largely negative performance in March due to a spike in supply – according to industry analysts STR.
Based on daily data from March, Jeddah reported the following in year-over-year comparisons:
- Supply: +12.9%
- Demand: -0.9%
- Occupancy: -12.3% to 48.8%
- Average daily rate (ADR): -5.6% to SAR674.54
- Revenue per available room (RevPAR): -17.2% to SAR329.17
“STR analysts note that occupancy levels have been declining significantly over the past two years due to supply growth. With room rates dropping as well, RevPAR has now decreased in the first quarter of each of the past three years,” said an STR spokesperson.
