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Hotel occupancy rates drop in Dubai - Naveed Yaseen - 03-10-2009 06:18 AM
DUBAI: Hotel occupancy rates in Dubai dropped to 79 per cent in 2008, the lowest level since 2004, with a decline in demand from Europe due to the financial crisis, a consultancy firm said on Monday.
Hotel occupancy last year was five per cent lower than in 2007, which saw rates soar to 84 per cent, Jones Lang LaSalle (JLL) said in a report. “Over the period between July and December 2008, occupancy rates fell by approximately seven per cent,” JLL said.
“This came as a result of the new supply in the market, as well as the softening in demand from key European source markets brought about by the dollar appreciation and the financial crisis.”
Dubai has embarked on extensive construction projects, boasting three palm-shaped islands off its coast as well as what is tagged as the world’s tallest tower and the seven-star sail-shaped Burj Al-Arab hotel.
The emirate formerly said it plans to attract 15 million tourists by 2015 but the global economic downturn has forced many tourists around the world to scale back their travel plans. Several hospitality and leisure companies in Dubai, which has benefited from an oil-fuelled economic boom over the past six years, have put on hold or cancelled many mega projects.
http://www.thenews.com.pk/daily_detail.asp?id=166475