Helped by COP28 and New Year’s Eve, Dubai’s hotel industry reported its highest monthly average daily rate (ADR) on record.
December 2023 (year-over-year % change):
- Occupancy: 79.2% (+3.5%)
- Average daily rate (ADR): AED1,060.61 (+19.0%)
- Revenue per available room (RevPAR): AED839.98 (+23.2%)
The RevPAR level was the highest since January 2015.
According to the daily data, Dubai saw its highest occupancy level on New Year’s Eve (91.4%), the only night the market surpassed the 90% mark in December.
Overall, the market’s occupancy levels remained above the 70% mark throughout the month, and ADR exceeded AED1,000 during COP28 and NYE weekend.
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit www.str.com
