According to Ernst & Young Middle East hotel benchmark survey, the occupancy rate in Beirut’s 4- and 5-star hotels reached 39% percentage points (pp) by February 2022, up from last year’s registered 23.6%.
On a monthly performance, Beirut occupancy rate recorded a jump of 26.7% in February 2022 from February last year, to reach 43.8%. The average room rate has increased by 68.8% from 814,420 Lebanese pounds in February 2021 to reach 1,374,959 Lebanese pounds in February 2022, equivalent to drop of 18.4 % in USD; 81.8$ in February 2021 to 66.7$ in February 2022 at the parallel market rate.
As such, RevPAR (Revenue per available room) surged by 332.9% in LBP during the same period; 139,207 Lebanese pounds in February 2021 to 602,567 Lebanese pounds in February 2022, equivalent to an uptick of 109.3% in USD from 14$ in February 2021 to 29.3$ in February 2022.
On a regional level, the occupancy rates in Dubai overall increased by 18.7% yearly to 76.7%. By the same token, the Average room rate and Room yields both increased by 44.3% and 91% to stand at $378.2 and $290, respectively by February 2022.
In turn, in KSA, Riyadh’s hotel occupancy rate increased by 23.7% to reach 73% by February 2022, and average room rate added 17.1% to $168.8 by the same period. However, for Makkah city, the Average room rate decreased by 12.2% to $96.6.
Moreover, in Amman, occupancy rate added 13.4% to reach 30.2% by February 2022, average room rate increased by 31% to reach $138.9 per night; moreover room yield grew by 135.2% to $41.9.
Source: EY, BlomInvest