Tag Archives: luxury hotels. STR

According to the STR report, aggregated Revenue per Available Room (RevPAR) across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE last year rose by 5.4% compared to 2023, fuelled primarily by an increase in occupancy rates. In 2024, occupancy rates across the GCC reached 69.5%, surpassing the levels observed prior to the pandemic, underscoring the region’s successful efforts to establish itself as a world-class tourism and investment hub. The hospitality sector in the GCC is experiencing a strong resurgence, with new data compiled by STR on behalf of Arabian Travel Market (ATM) revealing significant growth across the region in 2024. Key government initiatives, notably Saudi Vision 2030 and the UAE’s ‘We the UAE 2031’ campaign have played a pivotal role in this transformation by promoting economic diversification, enhancing infrastructure, and elevating the overall tourism experience. These efforts aim to boost occupancy and establish the GCC as a competitive player in the global tourism landscape. The research also found that Average Daily Rate (ADR) grew by 2.4% in the GCC last year, with the luxury hotel rooms segment significantly contributing to ADR growth. The region has added more than 35,000 hotel rooms over the last 10 years, with 19% of rooms now belonging to the luxury category, growing from 16% a decade ago. STR’s report suggests that hotel rooms under all phases of development will continue to be dominated by the luxury segment, stating that with more than 33,000 rooms under development, Saudi Arabia alone has more luxury rooms in the pipeline than currently exist in the country. Commenting on STR’S latest research, Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: “Luxury hospitality continues to be a driving force …

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