Middle East Hotel Metrics Decreased in First Quarter
According to a recent report by STR Global, the Middle East finished the first quarter of this year with a decrease in three key performance sectors, compared with the same period in 2014. Average occupancy dipped by 1.2 percent to 73.9 percent; average daily rate decreased by 0.7 percent to $215.14, and revenue per available room dropped by 1.9 percent to $158.9. However, according to Elizabeth Randall-Winkle, managing director for STR Global Limited, who spoke at last week's Arabian Hotel Investment Conference in Dubai, the region still posted some of the strongest numbers in the global hotel industry. Supply growth in the industry continues to steadily increase, growing by 6 percent in the first quarter of this year, and analyst remain bullish on the region's performance for the remainder of 2015.