Qatar’s Hotel Industry Experiences Substantial Boost Linked to Formula 1 Grand Prix 2024

• Qatar’s hotel occupancy rates and revenues significantly increased during the Formula 1 Qatar Airways Grand Prix 2024. 
• The Hospitality Qatar exhibition also contributes to high occupancy levels in November 2024.

The hotel industry in Qatar experienced a substantial boom in November 2024, attributed to the staging of the Formula 1 Qatar Airways Grand Prix. Preliminary data from CoStar, a leading provider of online real estate marketplaces, revealed that the event greatly influenced the hospitality sector’s performance.

The November 2024 year-on-year percentage changes showed a considerable upswing. Occupancy levels peaked at 83.6%, marking a 17.5% increase. The Average Daily Rate (ADR) surged by 20.9%, reaching QAR488.31. More significantly, the Revenue per Available Room (RevPAR) soared by 42.0%, registering at QAR408.24. This represents the highest occupancy for any November in Qatar since 2014.

The highest performance levels were noted on the Friday of the race weekend (29 November), with occupancy reaching 95.2%, the ADR at QAR682.31, and RevPAR at QAR649.47. The second-highest ADR and RevPAR were recorded the following night (Saturday, 30 November) at QAR664.48 and QAR623.85, respectively.

The second-highest occupancy level of 95.0% was observed on Tuesday, 12 November, coinciding with the first night of the Hospitality Qatar exhibition. Except for one day in the month, Qatar’s occupancy levels consistently stayed above 70%, with the lowest recorded at 69.8% on Sunday, 3 November.

These figures indicate that major events like the Formula 1 Grand Prix and the Hospitality Qatar exhibition significantly impact the hotel and travel industry. The positive trend provides a promising outlook for the Qatari hospitality sector, proving its resilience and capacity to capitalize on such large-scale international events.