Friday 1 March 2024

Bahrain's hospitality sectors records marginal uplifts in Q3

MANAMA, December 7, 2023

The hospitality sector in Bahrain witnessed a marginal rise during the third quarter along with the residential market,  while other sectors remained stagnant, according to real estate expert CBRE. 
The key performance indicators demonstrated improvement. STR data year-on-year in the year to September 2023 shows that average hotel occupancy in in capital Manama was up by 5.9% compared to the same period in 2022, with RevPARs also up 4.9% YoY. This is despite average daily rates (ADRs) falling slightly at 1.0%, its Bahrain Real Estate Market Review Q3 2023. 
In July, it was announced that Edamah broke ground on two boutique hotels at Bilaj Al Jazayer - the four-star Avani and five-star Tivoli, both scheduled to open in 2025. 
Upon completion, the Bilaj Al Jazayer mixed-use 1.3 million sq m development master plan will also comprise residential villas and apartments, retail and F&B, entertainment and offices along the 3km beachfront. Fraser Suites is expanding its offering in Bahrain, signing with Seef Properties to operate in Al Liwan in Hamala, said the CBRE report. 
The new offering will provide 63 serviced apartment units, with a mix of one-, two-, and three-bedroom apartments, over three floors. The serviced apartment component is expected to open in Q4 2023, it added.
"In the hospitality sector, occupancy rates increased by 5.9% compared to the same period in 2022 and RevPARs also grew by 4.9% in Manama," remarked Heather Longden, Director - Advisory & Transactions, at CBRE in Bahrain. 
"Other aspects of the market remained stable, as the commercial office and retail sectors continue to witness development with prominent projects due to complete soon, which will add to existing stock," he added.-TradeArabia News Service


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