A sequence of events led to unprecedented occupancy rates in Dubai, as shown by preliminary data for February from CoStar. CoStar stands as a prominent entity in the realm of online real estate marketplaces, delivering essential market information and analytics.
In February 2024, the figures observed year-over-year were:
- Occupancy reached 90.8%, marking a 3.4% increase.
- The average daily rate (ADR) was AED 887.06, up by 9.3%.
- Revenue per available room (RevPAR) stood at AED 805.21, witnessing a 13.1% rise.
This boost in hotel performance was influenced by various events, such as Gulfood (19-23 February), the 2024 FIFA Beach Soccer World Cup (15-25 February), the 2024 Dubai Duty Free Tennis Championships (18 February-2 March), and the Untold Dubai Festival (15-18 February).
The peak occupancy rates were recorded from 20-22 February, reaching 96.2%, 96.8%, and 96.5% respectively. Daily occupancy rates consistently exceeded 80% throughout the month.
A significant increase in ADR was noted on Wednesday, 21 February, reaching AED 1,114.
Further Performance Insights
CoStar’s unparalleled hotel performance sample encompasses over 81,000 properties and 10.5 million rooms globally. Media representatives are encouraged to contact the listed individuals for further data inquiries.
The post Dubai Hotels hit Record-Breaking 90.8% Occupancy, Revenues Soar 13.1% in February 2024 CoStar data appeared first on Travel And Tour World.
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