STR: Preliminary May data for Jeddah hotels
Hotels in Jeddah, Saudi Arabia, reported occupancy declined 2.4% to 70.6% in May, according to preliminary monthly data from STR. ADR similarly dropped 4.9% to 1,310.35 Saudi Arabian riyals ($349.43) and RevPAR decreased 7.1% to 925.07 riyals ($246.49).
LONDON — STR's preliminary May 2019 data for Jeddah, Saudi Arabia, indicates low performance consistent with the time of Ramadan.
Based on daily data from May, Jeddah reported the following in year-over-year comparisons:
- Supply: +5.5%
- Demand: +3.0%
- Occupancy: -2.4% to 70.6%
- Average daily rate (ADR): -4.9% to SAR1,310.35
- Revenue per available room (RevPAR): -7.1% to SAR925.07
In addition to supply growth, STR analysts note that performance declines were mainly due to the shift in Ramadan dates. Last year, more of Ramadan occurred during June as opposed to May this year. The first week of the month saw double-digit decreases in both occupancy and RevPAR, with the steepest occupancy decline of the month occurring on 9 May (-27.8%).
STR will release full May results later this month.
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. 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 and costargroup.com.
Nick Minerd
Public Relations Coordinator
+1 (615) 824 8664 ext. 3305
STR
