Jeddah hotels recorded their lowest ever December occupancy rate, according to analysts STR.
Its preliminary December 2017 data for hotels in the Saudi city indicated significant supply growth and negative performance.
Based on daily data from December, Jeddah hotels reported an 8.4 percent slump in occupancy to 45.1 percent, its lowest December mark since records began.
The figures showed that supply rose by 7 percent but demand increased by just 2 percent last month. STR also said that average daily rate (ADR) in Jeddah fell by 4.1 percent to SR694.85, its lowest December level since 201
Revenue per available room (RevPAR) also declined by 12.1 percent to SR313.45.
STR analysts noted that while room demand has fallen, a jump in new supply continues to worsen occupancy levels and pressure rates.
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