A report by CBRE attributed the uptick to increasing numbers of international visitors
The UAE’s hospitality sector experienced a hotel occupancy rate of 79% in October on the back of high visitor arrivals during Expo 2020 Dubai. According to real estate consultancy CBRE, this marks the highest monthly occupancy rate since October 2015.
Hotels in Dubai registered a marginally higher occupancy rate of 81%, the highest in the country.
Properties in Dubai, Fujairah and Ajman also saw average daily room rates posting double-digit year-on-year increases at 15%, 14% and 4%, respectively. Across the UAE, hotel room rates and revenues per available room jumped by 14% and 45% in October.
In its report, CBRE stated: “With the commencement of Expo 2020 and increasing levels of international visitation, we have seen a significant uplift in KPIs in the UAE.”
Although the international travel market is still recovering from the impact of the coronavirus pandemic, the UAE has seen an uptick in visitor arrivals this year following the reopening of borders and easing of Covid-19 restrictions.
The number of passengers passing through Dubai International Airport reached 20.7 million during the first 10 months of the year and passenger numbers are expected to hit 28.7 million by the end of 2021.
CBRE head of research Taimur Khan said: “With growing international visitation, an increasing number of global locations re-entering lockdowns and a number of planned events at Expo 2020, we envisage both international and domestic leisure tourism will continue to underpin strong performance levels across the UAE.”
For more information, visit www.cbre.com