According to preliminary daily statistics from STR, Jeddah’s hotel industry recorded its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, boosted by the Saudi Arabian Grand Prix.
The market’s ADR (SAR1707.72) and RevPAR (SAR1517.92) were the highest on 4th December, the day before the F1 Grand Prix, for any single day in STR’s Jeddah database. On the race day, daily occupancy rose at 89.2 percent, the market’s best level since August 25, 2018. (89.3 percent).
“The special circumstances of Saudi Arabia hosting its first F1 Grand Prix, in between races held in Doha and Abu Dhabi, drove hotelier pricing confidence and overall performance to record-breaking levels,” said Philip Wooller, STR’s area director for Middle East & Africa.
“The RevPAR level achieved the night before the race was the highest ever recorded in a Saudi market outside of Makkah, and when we compare with the weeks before the race, the need for such a boost was significant.”
When compared to prior weeks, the F1 Grand Prix more than quadrupled Jeddah’s hotel performance. The previous weekend, Saturday (27 November), occupancy was 59.8 percent, with an ADR of SAR612.25.