STR: Preliminary November 2016 data for Abu Dhabi
LONDON -- STR's preliminary November 2016 data for Abu Dhabi, United Arab Emirates, indicates significantly lower average daily rate in year-over-year comparisons.
Based on daily data from November, Abu Dhabi reported the following:
- an increase in supply (+2.7%) and nearly flat demand (-0.4%);
- a 3.1% decrease in occupancy to 81.0%;
- an 11.1% decrease in ADR to AED660.14; and
- a 13.8% decrease in revenue per available room (RevPAR) to AED534.97.
Despite the year-over-year decrease, the absolute ADR level would be the highest in Abu Dhabi since last November. Market performance for the month was helped by the Formula 1 Abu Dhabi Grand Prix (25-27 November), with four straight days of ADR above AED1,000 and year-over-year increases of 101.5% and 143.7%, respectively, on 24-25 November.
STR analysts also note that supply growth slowed a bit compared with the +3.6% average in the market during the first 10 months of 2016.
STR will release actual November 2016 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. For more information, please visit str.com.