Dubai hotels set new revenue and occupancy records in December, boosted by COP28 and New Year’s Eve celebrations.
The city’s hotel industry reported its highest monthly average daily rate (ADR) on record, according to preliminary December data from CoStar.
CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Dubai hotel records
CoStar data showed December 2023 figures were:
- Occupancy: 79.2 per cent (up 3.5 per cent year-on-year )
- Average daily rate (ADR): AED1,060.61 ($289, up 19 per cent year-on-year)
- Revenue per available room (RevPAR): AED839.98 ($229, up 23.2 per cent year-on-year)
The RevPAR level was the highest since January 2015.
According to the daily data, Dubai saw its highest occupancy level on New Year’s Eve (91.4 per cent), the only night the market surpassed the 90 per cent mark in December.
Overall, the market’s occupancy levels remained above the 70 per cent mark throughout the month, and ADR exceeded AED1,000 during COP28 and NYE weekend.
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