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Dubai saw its highest ever average daily rate (ADR) for hotel rooms in December as COP28 and New Year’s Eve celebrations pushed demand.
New data from Nasdaq-listed real estate research company CoStar showed that occupancy over the month reached 79.2%, up 3.5% on last year, with an average daily rate of AED 1,060.61 ($289), up 19%.
Revenue per available room (RevPAR) was AED839.98, up 23.2% on last year and the highest since January 2015, CoStar said.
Occupancy peaked on New Year’s Eve at 91.4%, the only time during the month that it passed 90%.
ADR exceeded AED1,000 during both COP28, which was hosted in Dubai during the first two weeks of the month, and NYE weekend.
(Reporting by Imogen Lillywhite; editing by Daniel Luiz)
