Increased supply of new keys across the UAE in the first-half of 2019 dented average daily rates
. Dubai saw an increase of 13 per cent in new rooms in H1 followed by 11 per cent in Sharjah, seven per cent in Abu Dhabi and 12 per cent in Ras Al Khaimah.
Average daily rates
dropped to 422AED (US$ 114.90) from 476AED ($129.61) last year, while revenue per available room decreased by 49AED ($13.34), to 313AED ($85.22) from 362 AED($98.57) last year.
Data also showed that average daily rates
(ADR) dropped 4.9 per cent to SR1,310.35 ($349.2) while revenue per available room (RevPAR) plummeted 7.1 per cent to SR925.07 ($246.5).
Average daily rates
were $183.82, a nearly 7 percent increase from last March's rate of $171.78.
In Dubai, hotels last month were not as busy as in the same period last year, with occupancy rates falling five per cent to 82 per cent, while average daily rates
and revenue per available room dropping by 10.9 per cent and 15.3 per cent, respectively.
Colliers said that Egypt's hotels RevPAR growth is driven by both average daily rates
(ADR) and occupancy due to strong corporate, leisure, and MICE activity (meetings, incentives, conventions, and events).
The sale comes at a time when the hotel industry in New York City is still in a slump, after a glut of supply over the last year and a half has caused average daily rates
Based on these fundamentals, there is strong investment activity and sustained lender appetite for quality hotels with high average daily rates
throughout Orange County.
"Looking at the data in more detail, it is clear that hotel operators in Dubai continued to discount Average Daily Rates
in an effort to maintain occupancy, with a decline in Average Daily Rates
noted in the first six months 2016.
Year to date average daily rates
are $74.02 and with occupancies averaging 59.8, STR, formerly Smith Travel Research, reports.
Europe's growing economy and the rising influx of tourists could strengthen the credit quality of European hotel companies, as the resulting boost to occupancy and average daily rates
looks set to push margins beyond pre-crisis levels, Moody's Investors Service said in a report.
Overall committed occupancy for the next 12 months increased by 4.3 percent compared with the same time frame last year, Hart said, and average daily rates
increased by 2.8 percent based on reservations currently on the books.