Mubasher: Hospitality market in the Middle East and North Africa (MENA) region inched up during 2017.
With the exception of Egypt and Kuwait, the hospitality sector in the region saw a negative performance in revenues of single room due to a rise in supplies, amendments in systems, and continuous reforms in the economy, according to Ernst & Young’s report on Wednesday.
The Kuwaiti hospitality sector increased by 7.3 points to 50.1% during 2017, up from 42.9% in the previous year, the report added.
The average of hotel room price in Kuwait decreased by 2.9% to $234 last year, compared to $241 in 2016.
The drop in the average of hotel room price in the GCC nation led to a growth in single room revenues by 13.6% to $117 in 2017, from $103 in the year before.
The 38th Gulf Cooperation Council’s (GCC) Summit, in addition to other events, contributed to raising hotel occupancy rates in Kuwaiti hotels in 2017.
