Average hotel rates in Jeddah slumped to their lowest mark since April 2008 in March, according to analysts STR.
Average daily rates (ADR) fell 17.1 percent compared to the year-earlier period to SR563.89 as a very competitive marketplace during low season led to hoteliers sacrificing room rate to maintain market share.
STR’s preliminary March data for Jeddah also indicated that revenue per available room (RevPAR) fell 14.8 percent to SR275.21, its lowest for the month since 2007.
Based on daily data from March, Jeddah’s hospitality market reported a 7.7 percent increase in supply while demand jumped by 10.7 percent compared to March 2018.
Occupancy also rose in March by 2.8 percent to 48.8 percent, STR added.
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