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Dubai Hotel Performance Shows COVID-19 impact

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STR
STRhttps://str.com/
About STR STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.

STR’s preliminary data for Dubai shows hotel performance declines worsening as concern around the COVID-19 pandemic broadens. 

February preliminary data: 

  • Occupancy: -9.4% to 77.1%
  • Average daily rate (ADR): -14.4% to AED567.63
  • Revenue per available room (RevPAR): -22.5% to AED437.41

Weekly data from 1-8 March 2020 (year-over-year comparisons): 

  • Occupancy: -28.2% to 60.6%
  • ADR: -20.4% to AED498.13
  • RevPAR: -42.9% to AED301.68

STR analysts note that Dubai’s occupancy, ADR and RevPAR decreased for 37 consecutive days (1 February through 8 March) in year-over-year comparisons. The steepest declines occurred in the most recent of those days. Of note, the market was already experiencing some declines in the metrics during the last two weeks of January, and the more significant decreases started on 26 January.

While Dubai has seen negative performance comparisons like most other major cities around the globe, STR analysts highlight the market’s ability to sell six of every 10 rooms on average during the first week of March. 

STR continues to monitor the COVID-19 impact on the hotel industry. More information and analysis, including a recent Middle East & Africa webinar, can be found here.

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