LONDON—Lifted by the Saudi Arabian Grand Prix, Jeddah’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary daily data from STR.
On 4 December, the day before the F1 Grand Prix, the market’s ADR (SAR1707.72) and RevPAR (SAR1517.92) were the highest for any one day in STR’s Jeddah database. Daily occupancy peaked at 89.2% on race day and was the market’s highest level since 25 August 2018 (89.3%).
“The special circumstances of Saudi Arabia hosting its first F1 Grand Prix, in between races held in Doha and Abu Dhabi, drove hotelier pricing confidence and overall performance to record-breaking levels,” said Philip Wooller, STR’s area director for Middle East & Africa. “The RevPAR level achieved the night before the race was the highest ever recorded in a Saudi market outside of Makkah, and when we compare with the weeks before the race, the need for such a boost was significant.”
The F1 Grand Prix doubled Jeddah’s hotel performance when compared with previous weeks. The weekend prior, Saturday (27 November) occupancy was 59.8% while ADR was SAR612.25.
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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