Riyadh’s hotel occupancy rises to highest level in November since 2007: STR

Occupancy level in Riyadh hotels jumped 34.6% year-on-year (YoY) last month to 82.8%, the highest for a November since 2007, while hotel RevPAR rose 49.5% YoY to SAR 568.19, global hospitality analytics firm STR said in a new report.

The report added that the average daily rate (ADR) also increased by 11.1% YoY to SAR 685.91 last month.

The report further noted that Saudi Arabia’s Vision 2030 that is aimed at moving the economy away from its dependence on oil is having a positive impact on the Kingdom’s tourism and hospitality industry – one of the main pillars of the ambitious plan

“Saudi Arabia has seen a positive shift in hotel performance due to Saudi Vision 2030, a plan focused on diversifying the economy from being highly oil-reliant and focusing on public sectors, such as tourism growth,” the report noted.

ADR for hotels across the Middle East, however, dropped 5.9% YoY to $146.47 while RevPAR also fell 2.6% to $105.56 on a yearly basis, STR report maintained.