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Arab News quoted the research company on Monday that Occupancy stood at 42.8%
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The growth is due to easing of travel restrictions and return of international flights
Owing to the easing of travel restrictions and return of international flights to the city, Riyadh’s hotel industry is showing signs of cheer as it reports highest room rates in three months, according to preliminary May 2021 data from STR.
Arab News quoted the research company on Monday that Occupancy stood at 42.8 percent while the average daily rate was SR544.31 ($145). Revenue per available room, a key industry metric known as RevPAR, was SR332.85.
“Each of the three key performance metrics were up from April, but despite the month-over-month increase, occupancy and RevPAR came in lower than earlier pandemic-affected months,” STR said.
“Year-over-year percentage increases are substantial because of the comparison with the months most affected by the pandemic in 2020.”
The Kingdom had only just started to open up to international tourists when the pandemic closed hotels and resorts. The recent easing of travel restrictions and the return of international flights has lifted prospects for the sector.