WASHINGTON – 10 April 2024 – Helped by the annual Saudi Arabian Grand Prix, Jeddah’s hotel industry reported performance growth across the metrics, according to March preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
March 2024 (year-over-year % change):
- Occupancy: 66.3% (+2.2%)
- Average daily rate (ADR): SAR929.94 (+3.2%)
- Revenue per available room (RevPAR): SAR616.63 (+5.5%)
Jeddah hosted the 2024 Saudi Arabian Grand Prix between 7-9 March, which drove daily performance in the market. Occupancy was the highest on Wednesday, 6 March (92.7%), closely followed by Friday, 8 March (91.6%).
Daily room rates reached as high as SAR1,767.36 on Friday, 8 March – nearly double the monthly average. Jeddah’s RevPAR levels peaked on the same night at SAR1,618.28.
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
