Kingdom Hotel Investments System RevPAR Drops 9pc
Luxury hotel operator Kingdom Hotel Investments (KHI) posted a 9 percent fall in Q3 system revpPAR, and said the Dubai market is still challenging. A statement on their Nasdaq Dubai website said “Trading remains in line with general market trends and despite the global economic challenges KHI’s hotel operations remain profitable and cash generative.” After adjusting for currency movements system revPAR for the three months ending September 30th fell 8 percent and 12 percent for the nine month period, reflecting the ongoing global economic slowdown.
RevPAR in the Middle East dropped 12 percent on a currency neutral basis, but plummeted 12 percent at the Movenpick Bur Dubai compared to the same period last year. KHI said the full inclusion of Ramadan and Eid Al Fitr public holiday had a positive impact on Q3. Saudi billionaire Prince Alwaleed owns Kingdom Hotel Investments.
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