Abu Dhabi and Dubai’s hotels saw a drop in RevPAR in January 2016, according to a recent EY benchmark report.
Hospitality markets across MENA witnessed a drop in performance for 2015 when compared to the previous year, according to EY MENA head of transaction real estate Yousef Wahbah.
Dubai revenues fell 9.3% in January 2016 when compared with the same month a year ago.
Abu Dhabi’s emerging market, with 151 properties at present, witnessed a drop of 15% year-on-year, over the same period.
“Hotels in Abu Dhabi and Dubai noticed a drop in KPI’s due to several factors such as additional room supply, general macro-economic conditions coupled with the drop in the Euro making it more expensive for travellers from Europe and reduced visitation from Russia due to the significant devaluation of their local currency to the lowest level ever,” said EY in its latest Middle East hotel benchmark survey.