Qatar hotel performance jumped for Grand Prix
Qatar saw a spike in hotel performance helped by the Formula 1 Qatar Airways Grand Prix 2024, according to November preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Qatar saw a spike in hotel performance helped by the Formula 1 Qatar Airways Grand Prix 2024, according to November preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
November 2024 (year-over-year % change):
- Occupancy: 83.6% (+17.5%)
- Average daily rate (ADR): QAR488.31 (+20.9%)
- Revenue per available room (RevPAR): QAR408.24 (+42.0%)
Occupancy was the highest for any November in Qatar since 2014.
Qatar posted its highest performance levels on the Friday of the race weekend (29 November): occupancy (95.2%), ADR (QAR682.31) and RevPAR (QAR649.47). The second highest ADR and RevPAR were posted the following night (Saturday, 30 November) at QAR664.48 and QAR623.85, respectively.
The market’s second highest occupancy level (95.0%) was seen on Tuesday, 12 November, the first night of the Hospitality Qatar exhibition. Qatar’s occupancy levels remained above 70% on all but one day during the month: Sunday, 3 November (69.8%).For more information about the company and its products and services, please visit www.costargroup.com.