Saudi hotels see Q1 dip in occupancy, room rates
Occupancy, rates and revenues all show double-digit decreases in first three months of 2017
Hotels in Saudi Arabia have seen a fall in the first quarter of 2017 with occupancy, rates and revenues all showing double-digit decreases, according to STR's recent figures.
A recent report revealed that hotel occupancy across Saudi averaged 58.3% in Q1, down 10.4% on the year-earlier period.
STR also said that average daily rates (ADR) in Saudi Arabia slumped by 12% to SR 578.09 (US $154) while revenue per available room (RevPAR) plummeted by 21.2% to SR 337.29 ($89.91).
Analysts added that performance was down across all markets, with Al Khobar/Dammam and Jeddah reporting the most significant RevPAR declines of 38.6% and 33.3%, respectively.
Demand fell 6.4% in the country, while supply grew 4.6%, the figures also showed.