Two key cities in Europe and the Middle East, respectively, demonstrated positive growth for the last month of 2013.
STR Global’s preliminary December data for Dubai found:
• Increases in supply (+4.7 percent) and demand (+6.6 percent);
• A +1.7-percent increase in occupancy to 80.0 percent;
• A +7.7-percent increase in average daily rate to AED1,063.32; and
• A +9.5-percent rise in revenue per available room to AED850.50.
“December is in line with the previous months and closed another fabulous year for Dubai, achieving the highest RevPAR levels since 2009 for this month”, said Elizabeth Winkle, managing director of STR Global. “While occupancy overall showed positive growth, ADR was the dominating force driving positive RevPAR performance in December and during the entire year 2013”.
Similarly, STR's numbers for London were also positive, including:
• Increases in supply (+1.3 percent) and demand (+4.4 percent);
• A +3.0-percent increase in occupancy to 76.3 percent;
• A +6.4-percent increase in average daily rate to GBP134.95; and
• A +9.6-percent rise in revenue per available room to GBP102.92.
“This month saw the highest RevPAR levels of any December since 1994, and is contributing to an overall positive hotel performance in 2013”, Winkle said. “Although occupancy achieved record levels for the last three years during this month, ADR was the driving force behind the strong RevPAR performance in December”.
STR Global will release December 2013 results in two weeks. The next edition of the STR Global Hotel Market Forecast will be available by the end of February.