Dubai hotel room rates hit 14-year low | ZAWYA MENA Edition:
The average room rates of Dubai hotels dropped due to an increase in supply, hitting a 14-year low during the month of July.
According to STR data, the average daily rate fell 9.7 per cent to Dh423.63 while demand expanded by 7.2 per cent and supply grew by 6.3 per cent. Occupancy levels rose 0.9 per cent to 66 per cent.
"Although growth in demand was significant, performance levels remained low due to pressure from increased supply. The average daily rate level would be the lowest for any month in the market since August 2004," STR said.
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