James is back with some more year to year data to share with you all; We now have a grand total of 17 participating hotels in Dubai that complete The Conference Bench, so we are very excited to see how this dynamic, vibrant market is doing year to year..
In a market where new supply seems to be never-ending, the good news is that the market for October has been fairly stable:
RevPAS - Down by only -6.28% to AED 23.10 per available Square Meter. Interestingly this is markedly split between the midweek and the weekend:
Midweek - Down by - 9.56% to AED 25.08
Weekend - Up by +10.67% to AED 18.95
Occupancy - up by 4.88% overall, and this was the big driver of the increase in weekend Revenue in the city:
Midweek - Up by + 1.19% to 55.10%
Weekend - Up by a whopping +20.34% to 38.48%!
What is driving this big increase in weekend business in the market? I will do some investigation and post back here!
In a market that has so much meeting space,and competition is so fierce, it is heartening to see Dubai hold steady year to year for a particularly busy month - especially seeing a strong weekend business increase. Lets hope this can be turned into small growth as the next two months roll in!
As ever - let us know if you have any questions, or would like some more detailed data!
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