New Data Shows Growth in Middle East Hotel Sector
News by IPINGlobal.com 
Ernst and Young have released the latest issue of its Hotel Benchmark Survey for the Middle East, showing a very impressive performance for the region's hotels.
According to the report the average occupancy in Dubai hotels was 79% in the 10 months ending October this year. This is an increase of 5.6% compared to the same period of 2011. The Revenue Per Available Room (RevPAR) saw an even bigger increase, up 12% in the first 10 months of the year compared to the same period in 2011, and the average room rate was up by 8.7% as well over the same period.
For the month of October alone average RevPAR increased by 17.3% compared to last year, while the average room rate increase by 9.7%. According to Yousef Wahbeh, MENA Head of Transaction Real Estate at Ernst & Young, this clearly portrays Dubai's increasingly stable and growing tourism industry in light of the winter season, and that the Emirate is not only a key destination for tourists, but also a major business hub in the region.
The report also shows an incredibly strong performance for Amman where occupancy rates increased by 18% in the 10 months ending October, compared to last year, while RevPAR increased by 13.1% and the average room rate by 3.1%. According to Ernst and Young the growth can be attributed to increased political stability making it a safer place to visit.
Apparently Egypt is also attracting increased visitors again, with occupancy in Cairo hotels up by 11.1% year on year in October, Sharm El Sheikh hotels up by 6% and Hurghada hotels by 5%. Saudi Arabia's Makkah is also worth a mention, with occupancy increasing by 30% year on year in October. This is accredited to the Hajj season, with Muslims travelling from all over the world to Makkah.
Real estate and property investing news from IPIN Global
2012-12-12 12:21:28
Source: http://www.ipinglobal.com/ipin-live/406733/new-data-shows-growth-in-middle-east-hotel-sector
Source:
