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STR reports YOY results in Middle East, Africa hotel performance for 2016

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STR reports YOY results in Middle East, Africa hotel performance for 2016

STR said hotels in the Middle East reported negative year-over-year results for full-year 2016, while hotels in Africa recorded a mixed performance based on three key performance metrics, reported in U.S. dollar constant currency.

In the Middle East, occupancy levels fell 2.2% to 66.2%, while the average daily rate slipped 7.2% to US$174.60 and revenue per available room declined 9.2% to US$115.59.

Meanwhile in Africa, occupancy dropped 3.6% to 55.4%, but ADR climbed 10.7% to US$108.14 and RevPAR rose 6.7% to US$59.87.

Hotels in Egypt posted a 14.5% fall in occupancy to 45.8% amid ongoing security issues. ADR was up 31.2% to 793.97 Egyptian pounds and RevPAR climbed 12.3% to 363.46 pounds.

The Saudi Arabia hotel industry was heavily affected by sluggish oil prices in 2016, with occupancy losing 4.8% to 59.5%, ADR slipping 3.9% to 764.08 Saudi riyal and RevPAR decreasing 8.5% to 454.84 riyal. Supply in the luxury hotel sector increased by 18.6% on the year in December 2016, contributing to a 23.3% year-over-year weakening in RevPAR figures for the same month.

In the U.A.E., occupancy rose 0.3% to 75.0%, while ADR fell 9.2% to 631.51 United Arab Emirates dirham and RevPAR declined 9.0% to 473.70 dirham. Demand outpaced supply's 4.8% expansion with 5.0% year-on-year growth.

As of Jan. 23, US$1 was equivalent to 18.89 Egyptian pounds, 3.75 Saudi riyal and 3.67 United Arab Emirates dirham.