Hotels in Saudi capital Riyadh experienced a significant growth in demand due to a strong event impact in October, says STR’s preliminary data.
Based on daily data from October, Riyadh reported the following in year-over-year comparisons: Supply: +15.2%; demand: +34.7%; occupancy: +17.0% to 76.2%; average daily rate (ADR): +7.5% to SR717.14; revenue per available room (RevPAR): +25.8% to SR546.12.
STR analysts note that the Future Investment Initiative (October 29-31) helped boost performance levels in Riyadh, with the second day of the event showing the month’s largest increases in each of the three key performance metrics: occupancy (+46.8%), ADR (+72.2%) and RevPAR (+152.8%).
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