According to Ernst & Young Middle East hotel benchmark survey, the occupancy rate in Beirut’s 4- and 5-star hotels reached 34.7 percentage points (pp) by January 2022, up from last year’s registered 29.5%.
On a yearly performance, Beirut occupancy rate recorded an uptick of 5.2% in January 2022 from January last year. Furthermore, the average room rate has increased by 126.3% from 644,201 Lebanese pounds in January 2021 to reach 1,457,817 Lebanese pounds in January 2022, equivalent to drop of 4.6% in USD; 73$ in January 2021 to 69$ in January 2022 at the parallel market rate.
As such, RevPAR (Revenue per available room) surged by 166.5% in LBP during the same period; 189,742 Lebanese pounds in January 2021 to 505,622 Lebanese pounds in January 2022, equivalent to an uptick of 12.3% in USD from 21$ in January 2021 to 24$ in January 2022.
On a regional level, the occupancy rates in Dubai overall increased by 8.5% yearly to 70.7%. By the same token, the Average room rate and Room yields both increased by 40.9% and 60% to stand at $406 and $287, respectively by January 2022.
In turn, in KSA, Riyadh’s hotel occupancy rate increased by 19.4% to reach 73% by January 2022, and average room rate added 14.4% to $170 by the same period. However, for Makkah city, the Average room rate decreased by 13.4% to $97.
Moreover, in Amman, occupancy rate added 14.5% to reach 27.8% by January 2022, average room rate increased by 26.6% to reach $138 per night; moreover room yield progressed by 164.3% to $39.
Source: EY, BlomInvest