• For March Jeddah Hotel Room Rates Jumped During Formula One   

Helped by the annual Saudi Arabian Grand Prix, Jeddah’s hotel industry reported performance growth across the metrics, according to March preliminary data from CoStar.

March 2024 (year-over-year % change):

  • Occupancy: 66.3% (+2.2%)
  • Average daily rate (ADR): SAR929.94 (+3.2%)
  • Revenue per available room (RevPAR): SAR616.63 (+5.5%)

Jeddah hosted the 2024 Saudi Arabian Grand Prix between 7-9 March, which drove daily performance in the market. Occupancy was the highest on Wednesday, 6 March (92.7%), closely followed by Friday, 8 March (91.6%).

Daily room rates reached as high as SAR1,767.36 on Friday, 8 March – nearly double the monthly average. Jeddah’s RevPAR levels peaked on the same night at SAR1,618.28.

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.