STR: Preliminary August Data For Dubai Hotels
LONDON — STR's preliminary August 2019 data for Dubai, United Arab Emirates, indicates significant growth in both supply and demand.
Based on daily data from August, Dubai reported the following in year-over-year comparisons:
- Supply: +7.6%
- Demand: +7.4%
- Occupancy: -0.2% to 68.5%
- Average daily rate (ADR): -12.5% to AED389.11
- Revenue per available room (RevPAR): -12.6% to AED266.57
STR analysts note that as the market prepares to host EXPO 2020 (20 October 2020 through 10 April 2021), hotel rooms are being competitively priced in an effort to stimulate demand and keep up with accelerating room supply. This has been a common trend among the majority of key markets in the Middle East since the drop in oil prices in 2014.
STR will release full August 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.