Preliminary January data for from STR shows hotels in Jeddah, Saudi Arabia, increased occupancy by 31.3% to 63.7%, and despite an 8.9% ADR decrease to 601.01 Saudi Arabian riyals ($160.27), RevPAR rose 19.6% to 382.57 riyals ($102.02).
STR’s preliminary January 2020 data for hotels in Jeddah indicates significant growth in demand and occupancy.
Based on daily data from the month, Jeddah reported the following in year-over-year comparisons:
• Supply: +3.9%
• Demand: +36.4%
• Occupancy: +31.3% to 63.7%
• Average daily rate (ADR): -8.9% to SAR601.01
• Revenue per available room (RevPAR): +19.6% to SAR382.57
STR analysts attribute the year-over-year spike in demand to the mid-year school break (2-18 January), which was celebrated in December during the last academic year.
STR will release full January results later this month.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com.