Hotel Rates Driven To Dangerous Levels
A hotel industry executive says hotel rates in Dubai have dropped to dangerous levels and will probably drop further. Industry experts explain rates have come under severe pressure because of declining business travel and ongoing new supply entering the market. Data from STR Global and Deloitte Travel and Hospitality showed that hotel occupancy levels in the Middle East fell 9.6% in April 2009 compared to the same month last year. Revenue per available room (RevPar) fell 14.9%
Chief Executive Officer of Ishraq Gulf Real Estate (Holding) said year to date the situation is “not too bad” and the market is averaging 70% throughout Dubai, which is positive. However, Sami Al Ansari said “There is huge pressure on room rents, which is driving rates to very dangerous levels.” He said the bottom has not been reached because summer has just started.
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