Dubai hotels continue to perform well

05/03/2013 - Dubai Property News Posted by Neil King
Dubai hotels continue to perform well

Hotel occupancy rates surged to an incredible 89.6 per cent in Dubai between January 3rd and February 3rd.New figures released by TRI Hospitality Consulting have shown that around 4.7 million people flocked to the emirate during the month, with many visiting the 18th Dubai Shopping Festival.This represented a 4.2 per cent upturn in demand for accommodation when compared with the corresponding month in 2012 and the average room rate also climbed by five per cent to $359.39.As a result, revenue per available room increased by 10.2 per cent to $321.85.With this in mind, it is no surprise that people who regularly search for lucrative property investments in Dubai are considering buying shares in hotels.As the tourists continue to flood into the city, the clamour for short stays in apartments and villas has also risen sharply and this has not gone unnoticed among real estate traders.Managing director of TRI Hospitality Consulting Peter Goddard stressed just how important the Dubai Shopping Festival is to local hoteliers and landlords."This mega-event offers a perfect start to the year for the tourism establishments in the city and helps bridge the gap between the end of year holidays and European winter breaks," he remarked.There is obviously a lot of competition in the accommodation market, as Dubai is home to some of the world's largest and most luxurious hotels.A number of companies have announced plans to build new complexes in the city in the near future, including Landmark Hotels & Suites.The firm recently confirmed it is to erect another three resorts in the emirate in 2013 and it is also looking to move into different markets such as Fujairah, Jeddah and Saudi Arabia.At the moment, the business operates eight hotels, six of which are in the UAE, but it is hoping to take this up to 13 properties within the next two years."We are confident we can have at least two to three more properties this year," commented Landmark Hotels & Suites chief executive officer Peter Janssen.Looking for apartments in Dubai? The First Group can help you out