DOHA: Doha and Dubai operators will be pinning their hopes on brisk Q4 business after recording year-to-date RevPar slumps of 19.9 per cent and 11.2 per cent respectively. The figures, unveiled by STR Global during the Serviced Apartments Summit MEA held at Fairmont The Palm on Monday, confirm the ongoing slowdown in the hospitality industry.
RevPar in Dubai’s serviced apartments sector dropped 11.9 per cent – coupled with a 12.9 per cent fall in average daily rates to Dhs521 – although occupancies rose marginally by 1.3 per cent.
To August, year-to-date RevPars regionally are down 9.6 per cent to $113.60. “Doha is very tough at the moment,” said Philip Wooller, area director MEA for STR Global.
Qatar’s one consolation is long-term apartment business is holding up while “almost disappearing” in other Middle East markets, said Filippo Sona, Director, head of hotels MENA, for Colliers International, as more operators face pressure to fill rooms.
Falling oil prices, rising supply and fragile consumer confidence are all impacting the MENA region, while Ali Manzoor, associate partner, Knight Frank, also highlighted the inexorable rise of airbnb.
