Madrid & Riyadh's hotel average daily rate (ADR) and revenue per available room (RevPAR) reached the highest monthly levels on record.
October 2023 (year-over-year % change):
- Occupancy: 81.9% (+2.0%)
- Average daily rate (ADR): EUR204.35 (+23.1%)
- Revenue per available room (RevPAR): EUR167.26 (+25.6%)
The market’s occupancy level was the highest for any month since October 2019.
According to the daily data, Madrid saw the highest occupancy levels on Tuesday, 3 October and Wednesday, 4 October (both at 95.5%), helped by Fruit Attraction 2023 (held 3-5 October). The market also hosted the ESMO Congress from 20-24 October, during which the daily occupancy levels peaked on Saturday, 21 October, at 91.0%.
Riyadh’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) level on record.
October 2023 (year-over-year % change):
- Occupancy: 77.5% (+8.0%)
- Average daily rate (ADR): SAR1,055.28 (+38.3%)
- Revenue per available room (RevPAR): SAR818.05 (+49.3%)
Riyadh’s hotel performance was helped by the World Combat Games, held 20-30 October and the Future Investment Initiative 7th Edition (24-26 October).
The four-day period from 22-25 October showed the highest daily ADR levels ever recorded, with 24 October taking the top spot (at SAR1,929.64). The previous daily room rate record was in January 2019 (at SAR1,415.20).
The market’s highest daily occupancy levels for the month were seen on Monday, 23 October (at 94.8%) and Tuesday, 24 October (at 94.4%). Overall, Riyadh’s occupancy levels remained above the 60% mark throughout the month apart from three days.
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