Key Takeaways:
- Beirut hotels affected by protests and ongoing political crisis
- Sharm El Sheikh hotels record double-digit demand growth
LONDON—Hotels in the Middle East reported mixed 2019 performance results, while hotels in Africa posted positive results across the three key performance metrics, according to data from STR.
U.S. dollar constant currency, 2019 vs. 2018
Middle East
- Occupancy: +2.3% to 66.2%
- Average daily rate (ADR): -7.2% to US$143.70
- Revenue per available room (RevPAR): -5.1% to US$95.09
Africa
- Occupancy: +1.1% to 61.3%
- Average daily rate (ADR): +1.5% to US$109.33
- Revenue per available room (RevPAR): +2.6% to US$67.01
Local Currency, 2019 vs 2018
Beirut, Lebanon
- Occupancy: -8.6% to 53.4%
- ADR: +6.9% to LBP245,325.04
- RevPAR: -2.3% to LBP131,066.36
While Beirut recorded its highest Q1 RevPAR level (LBP128,581.91) since 2012, the Q4 level in the metric (LBP60,847.25) was the lowest for any fourth quarter in STR’s Beirut database. STR analysts note that protests and subsequent political turmoil in Lebanon negatively affected performance near the end of the year and pulled down total-year numbers in the market. November and December RevPAR dropped significantly, -75.7% and -68.0%, respectively.
Sharm El Sheikh, Egypt
- Occupancy: +10.3% to 60.0%
- ADR: +9.9% to EGP1,196.18
- RevPAR: +21.2% to EGP717.73
Occupancy in Sharm El Sheikh has grown for 31 consecutive months. STR analysts note that double-digit demand growth (+10.3%) was coupled with flat supply comparisons, continuing the consistent occupancy growth and lifting pricing confidence.
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About STR
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. 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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