Economic Research | Lebanon This Week | Lebanon This Week 523 | Occupancy rate at Beirut hotels at 65%, room yields up 18% in first 11 months of 2017 | Lebanon | Byblos Bank

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Lebanon This Week 523

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Occupancy rate at Beirut hotels at 65%, room yields up 18% in first 11 months of 2017

EY's benchmark survey of the hotel sector in the Middle East indicated that the average occupancy rate at hotels in Beirut was 64.8% in the first 11 months of 2017, up from 59.1% in the same period of 2016 and compared to an average rate of 62.2% in 14 Arab markets included in the survey. The occupancy rate at Beirut hotels was the seventh highest in the region in the first 11 months of 2017, while it was the sixth lowest in the same period of 2016. Also, the occupancy rate at hotels in Beirut rose by 5.6 percentage points year-on-year, constituting the second largest increase among the 14 Arab markets, behind Kuwait (+6.1 percentage points). In comparison, the average occupancy rate in Arab markets grew by 1.3% year-on-year in the covered period. 

The average rate per room at Beirut hotels was $152 in the first 11 months of 2017, ranking the capital's hotels as the fourth least expensive in the region relative to Cairo ($84), Abu Dhabi ($119) and Amman ($144). Revenues per available room (RevPAR) were $99 in Beirut in the first 11 months of 2017, up from $84 in the same period of 2016. They were the fifth lowest in the region relative to Cairo ($58), Amman ($72), Abu Dhabi ($91) and Riyadh ($93). 
 
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Byblos Bank S.A.L., Byblos Bank Headquarters, Elias Sarkis Ave., Ashrafieh, Beirut

List of Banks No.39, CRB:14150, BDL Authorization No. 11/231 Dated 14 May 2005

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