Preliminary data from CoStar reveals that Riyadh’s hotel industry achieved unprecedented milestones in October 2023, boasting record-breaking figures for both average daily rate (ADR) and revenue per available room (RevPAR).
In a notable year-over-year comparison for October 2023:
- Occupancy: Soared to 77.5%, marking an impressive 8.0% increase.
- Average Daily Rate (ADR): Reached SAR1,055.28, showcasing a substantial surge of 38.3%.
- Revenue Per Available Room (RevPAR): Hit SAR818.05, reflecting a remarkable 49.3% rise.
Contributing significantly to Riyadh’s stellar hotel performance were the World Combat Games, held from October 20 to 30, and the 7th Edition of the Future Investment Initiative (October 24-26).
During the four-day stretch from October 22 to 25, ADR levels reached an all-time high, with October 24 securing the top spot at SAR1,929.64. This surpassed the previous daily room rate record set in January 2019 at SAR1,415.20.
The month’s peak daily occupancy levels occurred on Monday, October 23 (94.8%), and Tuesday, October 24 (94.4%). Impressively, Riyadh maintained occupancy levels above the 60% mark throughout the month, with only three days deviating from this trend.