STR: Preliminary July data for Jeddah hotels
LONDON — STR's preliminary July 2019 data for Jeddah, Saudi Arabia, indicates high occupancy but double-digit rate declines due to comparison with a strong 2018.
Based on daily data from July, Jeddah reported the following in year-over-year comparisons:
- Supply: +7.3%
- Demand: +9.5%
- Occupancy: +2.1% to 76.8%
- Average daily rate (ADR): -11.9% to SAR1,239.04
- Revenue per available room (RevPAR): -10.0% to SAR951.36
The absolute occupancy level is the highest for any month in Jeddah since August 2016. STR analysts note that although rates were down, occupancy held strong because of high demand. While RevPAR was down year over year, the absolute level in the metric was the second-highest (behind June 2019) since August 2018.
STR will release full July 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 and costargroup.com.
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