Significant growth in demand for hotel rooms in Jeddah pushed average daily rate (ADR) and revenue per available room (RevPAR) to their highest absolute levels for any August, preliminary data released by STR Global showed.
ADR jumped 9.6 percent to SAR 1,350.97, while the revenue per available room (RevPAR) soared almost 20 percent to SAR 991.76.
The number of hotel rooms increased by 6.3 percent, while demand surged 16.6 percent. Occupancy levels were up 9.7 percent to 73.4 percent, STR noted.
In July, Alpen Capital said that the Kingdom's hospitality market is expected to grow at a compound annual growth rate of 6.5 percent between 2017 and 2022 to $21.3 billion, mainly driven by religious tourism.
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