Dubai Hotel Profits Reach 35%
Dubai hotel profitability continues to lead the world 35% margins in 2009 according to researchers. CBRE Hotels Vice President Armine Hamdi said their net margins are still excellent compared to other parts of the world. CBRE is a hospitality consultancy and asset management firm. Vice President Arnoud Andrieu said the average net profit in Europe now is between 18% and 20% for the five star segment.
Mr. Andrieu said in Dubai, “In 2008, the average margins for five star properties were 35% to 38% This year they are likely to be between 32% and 37%. Average occupancy rates in Dubai hotels have declined, although hotels in central business districts have occupancy rates at about 90%. A survey carried out by Deloitte and STR Global showed occupancy levels in June dropped 12.9%. Mr. Hamdi explained “Net profits have not taken such a big hit because when occupancy levels go down, other costs such as energy and amenities in rooms also go down.”
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