Dubai hotel occupancy, room rates down in September
| Arab News, Jeddah, Saudi Arabia | October 12, 2017 3:18pm
Oct. 11--DUBAI -- Dubai hotel room and occupancy rates fell in September, weighed by lesser events being hosted in the emirate as well as a shorter Eid holiday, a preliminary report from data and analytics specialist STR said.
Hotel occupancy was 4.7 percent lower to 76.6 percent, while average daily rate was down 10.6 percent to Dh497.67 over the year, STR said. Revenue per available room was at Dh381.2 in September, 14.8 percent down over from year ago levels.
Overall supply went up 5.6 percent while demand was almost at a standstill, which expanded by only 0.6 percent.
"A decline in events in the market compared with September 2016 might have weighed on Dubai's performance for the month. For example last year, Dubai hosted the biennial International Congress of the International Society of Blood Transfusion," it said.
Additionally, residents experienced a shorter vacation period this year, as the Eid Al-Adha holiday shifted from August 31 to September 3 this year, or only four days, compared with the eight-day break last year from September 11 to 18.
The Emirates NBD Dubai Economy Tracker Index, a key indicator of Dubai's non-oil economy, dropped to 55.2 in September from 56.3 in August. A reading of below 50 indicates that the non-oil private sector economy is in decline while a reading above 50 suggests that it is expanding.
STR will release full September results later this month.