STR’s preliminary October 2019 data for Riyadh, Saudi Arabia, indicates significant growth in demand due to a strong event impact.
Based on daily data from October, Riyadh reported the following in year-over-year comparisons:
• Supply: +15.2%
• Demand: +34.7%
• Occupancy: +17.0% to 76.2%
• Average daily rate (ADR): +7.5% to SAR717.14
• Revenue per available room (RevPAR): +25.8% to SAR546.12
STR analysts note that the Future Investment Initiative (29-31 October) helped boost performance levels in Riyadh, with the second day of the event showing the month’s largest increases in each of the three key performance metrics: occupancy (+46.8%), ADR (+72.2%) and RevPAR (+152.8%).
STR will release full October results later this month.
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