STR: Middle East And Africa Hotel Performance For February 2019
Key February takeaways:
- Beirut posts fourth consecutive month of double-digit performance growth
- Room rates in Sharm el-Sheikh continue to recover
STR's sample comprises more than 63,000 hotels and 8.6 million hotel rooms around the globe. Contact firstname.lastname@example.org for additional market data.
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LONDON — Hotels in the Middle East reported mixed February 2019 performance results, while hotels in Africa posted growth across the three key performance metrics, according to data from STR.
U.S. dollar constant currency, February 2019 vs. February 2018
- Occupancy: +3.3% to 72.2%
- Average daily rate (ADR): -6.3% to US$150.13
- Revenue per available room (RevPAR): -3.3% to US$108.38
- Occupancy: +2.2% to 61.9%
- Average daily rate (ADR): +4.3% to US$117.42
- Revenue per available room (RevPAR): +6.6% to US$72.67
Local currency, February 2019 vs. February 2018
- Occupancy: +4.6% 55.7%
- ADR: +8.3% to LBP224,190.36
- RevPAR: +13.3% to LBP124,819.52
The absolute RevPAR level was the highest for a February in Beirut since 2012, and the double-digit increase in the metric was the market's fourth straight dating back to November of last year. According to STR analysts, Beirut is rebounding from the below average ADR and RevPAR levels recorded early in 2018.
Sharm el-Sheikh, Egypt
- Occupancy: +32.5% to 47.7%
- ADR: +66.7% to EGP1,273.94
- RevPAR: +121.0% to EGP608.20
STR analysts note that Sharm el-Sheikh continues to recapture hotel demand (room nights sold) thanks to the reinstatement of flights from most airlines that had issued bans following the terror attack of late 2015. Including a 32.5% increase in February, demand has grown by double digits in the market for 21 of 26 months since the beginning of 2017. Subsequently, hoteliers have been able to push room rates. The market's absolute ADR value was its highest for a February and the second-highest for any month all-time behind only August 2018.
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