STR: Middle East and Africa hotel performance for July 2019
- Sharm El Sheikh hotels reach record performance levels
- RevPAR grows for 33rd consecutive month in Lagos
U.S. dollar constant currency, July 2019 vs. July 2018
- Occupancy: +3.0% to 60.8%
- Average daily rate (ADR): -5.0% to US$119.26
- Revenue per available room (RevPAR): -2.1% to US$72.51
- Occupancy: +1.0% to 62.6%
- Average daily rate (ADR): +4.8% to US$106.94
- Revenue per available room (RevPAR): +5.8% to US$66.99
Local currency, July 2019 vs. July 2018
Sharm El Sheikh, Egypt
- Occupancy: +3.8% to 66.3%
- ADR: +23.9% to EGP1,318.95
- RevPAR: +28.6% to EGP874.87
The absolute ADR and RevPAR levels were the highest for any July in STR's Sharm El Sheikh database. STR analysts note that RevPAR has grown for 33 consecutive months in the market as supply has remained relatively flat since early 2016 and demand has grown by double digits for 24 of the last 26 months.
- Occupancy: +16.2% to 65.7%
- ADR: -5.0% to NGN47,077.51
- RevPAR: +10.5% to NGN30,915.51
The absolute occupancy and RevPAR levels were the highest ever recorded for a July in STR's Lagos database. However, July marked the sixth consecutive month of ADR declines for the market. Occupancy, and subsequently RevPAR, were helped by a double-digit rise in demand (+17.0%) and mostly flat supply (+0.7%).
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.