COVID-19 webinar summary: 5 key points on Middle East and Africa, 7 May
Knowing you might not have time to watch our full webinars, we are pleased to continue our series of COVID-19 webinar summaries. In this latest edition, we talk performance in the Middle East and Africa.
Q1 data shows significant occupancy and ADR declines in the Middle East
The Middle East has faced challenges growing average daily rate (ADR) for several years now, following the oil crash of 2014 and continued hotel supply growth. COVID-19 has essentially accelerated declines in both rate and occupancy, and the effect has been felt in key markets across the region
Riyadh reports the highest occupancy level in Middle East
Saudi Arabia’s capital, Riyadh, reported the highest absolute occupancy level (66%) in the Middle East for the week ending 3 May. Some of the year-over-year occupancy declines in the region could be in part due to comparisons with last year’s Ramadan period (5 May through 4 June 2019).
An update on Abu Dhabi’s business on the books
Forward STAR data for Abu Dhabi presents a picture of strong demand on the books for Ramadan (23 April through 23 May) and Eid al-Fitr (23-24 May). The below image includes business on the books for the next 365 days as at 4 May, and further insights are provided in the full webinar recording.
Cape Town, one of the cities most affected by COVID-19 in Africa
Despite resisting declines until mid-March, occupancy decreases have been more pronounced since lockdown measures were introduced. As the image shows below, occupancy levels have decreased by almost 90%, as of the week ending 3 May.
Occupancy, the main driver behind RevPAR declines
Cape Town and Cairo posted the highest occupancy declines for the week ending 3 May, -95% and -93%, respectively. These occupancy declines led to the worst RevPAR declines in the region.