‎Colliers sees Riyadh’s hotel occupancy at 63% in 2022, Jeddah at 54%

‎Colliers sees Riyadh’s hotel occupancy at 63% in 2022, Jeddah at 54%

Hotels occupancy rates in Riyadh and Jeddah are expected to rise to 63% and 54%, respectively, in 2022, according to Colliers International.

Meanwhile, hotel occupancy rate is expected to reach 59% in Al Khobar, 61% in Madinah and 52% in Makkah, the research firm said in its monthly report for MENA hotels in July.

Colliers indicated that both the Riyadh and Jeddah markets benefited from the Riyadh season and the increasing consumer confidence.

Similarly, Makkah and Madinah markets enjoyed the positive indicators of successful return of Hajj.

High oil prices led to higher demand by Khobar and Dammam’s companies, while increased travel abroad may reduce this impact.