Hotel room supply, demand up in Riyadh, Saudi Arabia in October
STR analysts noted that the Future Investment Initiative event added to the growth
According to statistics, supply grew by 15.2% and demand rose by 34.7%, while occupancy increased by 17% to 76.2%, when compared to October 2018.
This rise in figures had a positive effect on performance indicators as average daily rate rose by 7.5% to SAR717.14 (US$191.23) and revenue per available room rate (RevPAR) increased by 25.8% to SAR546.12($145.6), when compared to the same period last year.
STR analysts explained that the Future Investment Initiative, that was held from October 29 to 31, 2019 helped boost performance levels in Riyadh, with the second day of the event showing the month’s largest increases in each of the three key performance metrics: occupancy (46.8%), ADR (72.2%) and RevPAR (152.8%).