By Sarah Algethami, Staff Reporter www.gulfnews.com
Dubai: Hotels in Dubai recorded 80 per cent occupancy in 2013 as the hospitality market absorbed the influx of new hotel supply, according to the latest report by global consultancy Ernst and Young (EY).
“The GCC region recorded positive growth, but markets in the Levant and North African region saw a decline in performance compared to 2012,” said Yousef Wahbah, Head of Transaction Real Estate for the Middle East and North Africa at EY, in an emailed statement.
Last year saw the addition of 2,780 hotel rooms within the 4- and 5-star hotel segment to Dubai’s hotel supply, such as the Conrad Hotel on Shaikh Zayed Road and The Oberoi hotel in Business Bay.
While occupancy remained stable in 2013 compared to 2012, average room rate (ARR) grew by 6.4 per cent to $278, leading revenue per available room (RevPAR- a benchmark for performance) to reach $223, representing an increase of 5.9 per cent. More info