Riyadh’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) level on record, according to October 2023 preliminary data from CoStar, a leading provider of online real estate marketplaces, information, and analytics in the property markets.

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 from October 20-30, and the Future Investment Initiative 7th Edition (October 24-26).

The four-day period from October 22-25 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, October 23 (at 94.8%) and Tuesday, October 24 (at 94.4%). Overall, Riyadh’s occupancy levels remained above the 60% mark throughout the month, apart from three days. – TradeArabia News Service