- Sharm El Sheikh hotels reach record performance levels
- RevPAR grows for 33rd consecutive month in Lagos
Hotels in the Middle East reported mixed July 2019 performance results, while hotels in Africa posted increases across the three key performance metrics, according to data from STR.
U.S. dollar constant currency, July 2019 vs. July 2018
• Occupancy: +3.0% to 60.8%
• Average daily rate (ADR): -5.0% to US$119.26
• Revenue per available room (RevPAR): -2.1% to US$72.51
• Occupancy: +1.0% to 62.6%
• Average daily rate (ADR): +4.8% to US$106.94
• Revenue per available room (RevPAR): +5.8% to US$66.99
Local currency, July 2019 vs. July 2018
Sharm El Sheikh, Egypt
• Occupancy: +3.8% to 66.3%
• ADR: +23.9% to EGP1,318.95
• RevPAR: +28.6% to EGP874.87
The absolute ADR and RevPAR levels were the highest for any July in STR’s Sharm El Sheikh database. STR analysts note that RevPAR has grown for 33 consecutive months in the market as supply has remained relatively flat since early 2016 and demand has grown by double digits for 24 of the last 26 months.
• Occupancy: +16.2% to 65.7%
• ADR: -5.0% to NGN47,077.51
• RevPAR: +10.5% to NGN30,915.51
The absolute occupancy and RevPAR levels were the highest ever recorded for a July in STR’s Lagos database. However, July marked the sixth consecutive month of ADR declines for the market. Occupancy, and subsequently RevPAR, were helped by a double-digit rise in demand (+17.0%) and mostly flat supply (+0.7%).
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