Hotel revenue on the rise in Dubai

05/09/2011 - Dubai Property News Posted by Neil King
Hotel revenue on the rise in Dubai

Individuals looking for investment opportunities in the Middle East could be among those encouraged by the health of the hotel market in Dubai.According to the latest Hotel Benchmark Survey by Ernst & Young Middle East, revenue per available room (RevPAR) rates have increased by 22 per cent in July.Data from the report revealed that hotels in Dubai recorded a RevPAR of Dh470 in July.This marks a significant improvement on the Dh385 the survey recorded for the same period last year.Yousef Wahbah, Mena head of transaction of real estate at Ernst & Young, explained: "Dubai remains one of the most steadily growing markets in the region. Egypt, especially Cairo and Sharm Al Shaikh, registered the strongest declines in terms of occupancy and room yields."The fall in prices in the EU has made it increasingly attractive for tourists, especially from the GCC, and Lebanon could bear the brunt of this shift in consumer tastes this summer."