Dubai Hotel RevPar Dropped 35%
Hotel revenue per available room (RevPar) in Dubai dropped 35% to $217.5 in February 2009 compared to $335.5 for the same period last year. Deloitte and Touché consultancy firm carried out the STR Global Hotel Survey showing the steep drop in RevPar. Consultants said that hotel revenues are decreasing as fewer visitors come to Dubai and more new hotels open their doors. The impact of the global economic crisis is felt more in Dubai because the tourism sector accounts for 19% of Gross Domestic Product.
In 2002 Dubai first allowed foreigners to buy property and this resulted in a sharp increase in the number of planned new hotels, luxury resorts, and service apartments, many of which are now opening their doors. A Deloitte Middle East Consultant explained there were so many new properties coming on board, even if the slowdown wasn't so strong, "you can't do that forever."
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