According to Ernst & Young Middle East hotel benchmark survey, the occupancy rate in Beirut’s 4- and 5-star hotels reached 19.7% percentage points (pp) by January 2024, down from last year’s percentage of 36.8%. It is important to acknowledge that the occupancy rate in Beirut 4 and 5 stars hotels recently experienced a decline due to the continuing conflict between Israel and Gaza and the Lebanese southern border.
In more details, the average room rate in dollars currency in Lebanon rose substantially by 187.8% to stand at $145, additionally the RevPAR increased by 54.1% to reach $29 for the month of January 2024.
On a regional level, hospitality markets in Jeddah city and Doha witnessed an increase across all performance indicators in January 2024 compared to January 2023. In more details, the occupancy rates in Jeddah city added 11.8% to reach 58.3% while Doha occupancy rates added 39.5% to reach 88.2%. Jeddah’s hospitality sector observed a remarkable RevPAR growth of 36.6% from $77 in January 2023 to $105 in January 2024. Meanwhile, average room rate in Jeddah jumped by 9% from $165 in January 2023 to $180 in January 2024. As for Doha, the average room rate reached $124 by January 2024, thus RevPAR increased by 92.1% to stand at $109 during the same period.
Source: EY, Blom Invest Bank
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