As a city heavily reliant on corporate travellers, Riyadh properties suffered due to the drop in oil prices coupled with significant supply growth, up 8.9 percent in the first 10 months of the year.
Despite significantly reducing both overhead and labour costs, hotels in Abu Dhabi were unable to offset the decline in revenue across the major operating departments in May and as a result year-on-year profit per room dropped 6.9 percent.
Profit per room at hotels in Sharm El Sheikh was recorded at just USD0.50 in April, a 97.9 percent decline from the same period in 2015, with year-to date GOPPAR at minus USD2.85, a 116.7 percent slide on 2015 performance of USD17.04.
The 30.3 percent profit drop at properties in Beirut in April is further to a 38.7 percent decline in March, which paints a grim picture for the Lebanese capital. While average room rates (ARR) increased 16.5 percent year-on-year to USD106.76 in