Smith Travel Research, a global hospitality firm that analyzes hotel management, says the hotel industry in Riyadh continues to perform well, with October room bookings hitting their highest level since March 2022.
Hotel availability in Riyadh reached 72.3 percent last month, allowing hotel operators to quote average daily rates of 771.24, according to preliminary data from Smith Travel Research.
According to Arab News, hotel rooms in Riyadh remained at relatively high daily rates, helping hotel administrations to earn a better revenue of 557.28 per room, the highest since May 2011.
The Saudi capital has emerged as a major venue for international events and forums from becoming a regional hub of trade and business.
The city hosted the Future Investment Initiative Forum in October, a three-day event where leading CEOs, policymakers, investors and entrepreneurs from around the world gathered to discuss the future of international investment and the global economy. .
The Saudi hospitality market is on the road to recovery after the Corona epidemic that devastated the hotel industry globally.
According to global property consultant Knight Frank, after the resumption of events suspended due to the Corona epidemic in Saudi Arabia, visitor arrivals are increasing, which has helped to register services and daily prices.
For example, the International Book Fair held recently in Riyadh attracted more than 1 million visitors from all over the country.
Knight Frank also noted that this improved the operating rates of the capital's hotels and boosted business from international corporates relocating or expanding their presence in Riyadh.
Tarab Salim, Head of Hospitality and Tourism at Knight Frank said, "With the start of the third edition of the Riyadh season, we expect strong demand for hotel rooms this winter."
"We expect the number of hotel rooms to grow by around 25% to 25,800 by the end of 2024, with more than half of the incoming supply expected to be internationally branded and operational," he added. .'
