Hotel occupancy performance in Abu Dhabi following the Formula 1 Grand Prix that took place last weekend (11th-13th November) was up compared to 2010, but remained lower than the first race weekend in 2009, according to STR Global, the leading provider of market data to the world’s hotel industry.
Historically, hotel performance in cities hosting a Grand Prix experience a strong pick up in hotel occupancy starting the nights preceding the qualification tours and continuously growing until the Saturday night. Unlike other cities, the Abu Dhabi hotel market has experienced important changes, particularly with additional new hotel supply closer to the race track on Yas Island, since the initial race in 2009. As a result, average daily rate is tracking lower than previous race weekends in 2009 and 2010.
Abu Dhabi hotel occupancy achieved a low 84.9 percent on Friday night compared to 92.0 percent during the first race in 2009. However, both Saturday and Sunday nights achieved a strong recovery with occupancy levels reaching 94.3 and 92.0 percent, respectively. Despite a continuous growth in hotel demand, the new hotel supply has kept average daily rate (ADR) below the previous year, starting on Friday night at AED 1605.22 before reaching AED1754.14 on Saturday. Saturday night recorded the highest demand for the weekend.
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