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.
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 20-30 October and the Future Investment Initiative 7th Edition (24-26 October).
The four-day period from 22-25 October 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, 23 October (at 94.8%) and Tuesday, 24 October (at 94.4%). Overall, Riyadh’s occupancy levels remained above the 60% mark throughout the month apart from three days.
CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. For more information about the company and its products and services, please visit www.costargroup.com.