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STR: Dubai hotels' preliminary results show YOY drop in July performance

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Capital Markets View – January 2021


STR: Dubai hotels' preliminary results show YOY drop in July performance

The month of July is perceived to be one of "steep" performance declines for Dubai hotels, due to a year-over-year shift in the Ramadan calendar, according to preliminary STR data.

The market collected revenue per available room worth 309.76 United Arab Emirates dirhams in July, down 14.7% from the same period in 2016. Average daily rate came in at 471.25 dirhams, sliding down 11.5%, while a 3.6% year-over-year plunge in occupancy was booked at 65.7% in the comparable period.

STR also noted the impact of supply expansion in the market, which grew year over year in the month by 5.6%. Meanwhile demand rose 1.8% in the comparable period.

The arrival of Eid al-Fitr holiday in late June, as opposed to early in July 2016, caused several other Middle Eastern hotels' performance to tank, with Dubai experiencing the least drop in results.

As of Aug. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.