Dubai hotels saw 3.4% year-on-year growth
- 12 Mar 2024
Dubai hotels achieved a 3.4 per cent year-on-year growth in occupancy levels, reaching 90.8 perecnt, according to preliminary data for February released by CoStar, a leading provider of global real estate information, analytics, and online marketplaces.
Other key metrics also showed positive growth, with the average daily rate (ADR) increasing by 9.3 percent to Dhs 887.06 ($241) and revenue per available room (RevPAR) rising by 13.1 percent to Dhs 805.21.
Dubai hotels witnessed a significant surge in occupancy rates during the period between February 20 and 22, with levels reaching 96.2 percent, 96.8 percent, and 96.5 percent respectively.
It was indicated that daily occupancy levels in the market remained above 80 percent throughout the entire month. The daily room rate increased on Wednesday, February 21, reaching Dhs1114.
The events contributed to the performance of hotels in the market during the month, including the Gulfood exhibition held between February 19 and 23, the FIFA Beach Soccer World Cup between February 15 and 25, the Dubai Duty-Free Tennis Championships between February 18 and March 2, and other events and activities that took place during the month.
Meanwhile, Dubai’s Department of Economy and Tourism (DET) has honoured members of its Al Safeer Congress Ambassador Programme for capturing and creating high-profile conferences and congresses for the city in 2023.
WAM
