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.
For more information about the company and its products and services, please visit www.costargroup.com.
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.
