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FINANCIAL NEWS
Dubai hotel occupancy rate jumps 16% in February
25 Mar 2010
(MENAFN) A report issued by STR Global showed that Dubai’s hotel occupancy rose by almost 16 percent in February, a recovery sign in the emirate suffering from an economic downturn, Reuters reported.
The Middle East region overall reported increases in occupancy, revenue per available room (RevPAR) and average daily rate, the three key measures of hotel performance.
Dubai’s occupancy level rose 15.9 percent to 86.2 percent, the largest increase in the region, followed by Muscat, which jumped 10 percent to 73.2 percent.
Dubai hotels had a dreadful year in 2009 as the global recession saw its RevPAR declining 31 percent to $163, while occupancy fell 10.2 percent to 69.4 percent during the year, according to STR Global.
The February hotel performance makes a sharp turnaround in its fortunes, coupled with a 22.6 percent rise in passenger numbers at Dubai International Airport.
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