Jeddah hotel occupancy highest for July since 2012: STR

Hotel occupancy levels in Jeddah rose 12.4 percent to 76 percent in July - the highest for the month since 2012, STR Global said in a recent report.

Average daily rate (ADR) jumped 15.5 percent to SAR 1,363.71, while the revenue per available room (RevPAR) soared almost 30 percent to SAR 1,044.31.

"The absolute occupancy level in Jeddah was the highest for any July since 2012, while ADR was the highest on record for the month due to group business (bookings of 10 rooms or more)," the consultancy noted.

Meanwhile, occupancy rates in the Middle East were up 5.8 percent to 59 percent in July. However, ADR fell nearly 6 percent to $125.07, while RevPAR was down 0.3 percent to $73.82.

Earlier this month, Alpen Capital said that the Kingdom's hospitality market is expected to grow at a compound annual growth rate (CAGR) of 6.5 percent between 2017 and 2022 to $21.3 billion, mainly driven by religious tourism.