Tag Archives: CBRE

STR data year-on-year up to September 2023 shows that average hotel occupancy in Manama is up by 5.9% compared to the same period in 2022, with RevPARs also up 4.9% YoY. This is despite average daily rates (ADRs) falling slightly at 1.0%. In July, it was announced that Edamah broke ground on two boutique hotels at Bilaj Al Jazayer – the four-star Avani and five-star Tivoli, both scheduled to open in 2025. Upon completion, the Bilaj Al Jazayer mixed-use 1.3 million square metre development master plan will also comprise residential villas and apartments, retail and F&B, entertainment and offices along the 3km beachfront. Fraser Suites is expanding its offering in Bahrain, signing with Seef Properties to operate in Al Liwan in Hamala. The new offering will provide 63 serviced apartment units, with a mix of one-, two-, and three-bedroom apartments, over three floors. The serviced apartment component is expected to open in Q4 2023. Heather Longden, Director – Advisory & Transactions, at CBRE in Bahrain comments: “We’ve seen slight uplifts in Bahrain’s hospitality and residential sectors in Q3 2023. In the residential market, although performance was mixed and quoted apartment sales rates dropped marginally year-on-on year, average quoted residential rents increased along with villa sales rates across the geographies. In the hospitality sector, occupancy rates increased by 5.9% compared to the same period in 2022 and RevPARs also grew by 4.9% in Manama. Other aspects of the market remained stable, as the commercial office and retail sectors continue to witness development with prominent projects due to complete soon, which will add to existing stock.”

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