riyadh hotel performance
Riyadh Hotel ADR and RevPAR Reached Record Highs in October
CoStar Group | November 14, 2023
WASHINGTON – 14 November 2023– Riyadh’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) level on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. October 2023 (year-over-year % change): Occupancy: 77.5% (+8.0%) Average daily rate (ADR): SAR1,055.28 (+38.3%) Revenue per available room (RevPAR): SAR818.05 (+49.3%) Riyadh’s hotel performance was helped by the World Combat Games, held 20-30 October and the Future Investment Initiative...
STR: Riyadh Hotels Post Highest February Occupancy Since 2008
STR | March 17, 2023
LONDON – Riyadh’s hotel occupancy was its highest for a February since 2008, according to preliminary data from STR. Occupancy: 75.5% Average daily rate (ADR): SAR801.46 Revenue per available room (RevPAR): SAR605.06 Each of the three key performance metrics came in significantly higher than the pre-pandemic comparables from 2019: occupancy (+23.4%), ADR (+34.0%) and RevPAR (+65.3%). According to daily data, the market recorded occupancy over 90% for three consecutive days from 6-8 February, helped by the International Conference and Exhibition for Science. Further STR analysis can be found here....
