COP28 and New Year's Eve Boosted Dubai Hotel Performance in December

Helped by COP28 and New Year’s Eve, Dubai’s hotel industry reported its highest monthly average daily rate (ADR) on record, according to preliminary December data from CoStar.

December 2023 (year-over-year % change):

• Occupancy: 79.2% (+3.5%)
• Average daily rate (ADR): AED1,060.61 (+19.0%)
• Revenue per available room (RevPAR): AED839.98 (+23.2%)

The RevPAR level was the highest since January 2015.

According to the daily data, Dubai saw its highest occupancy level on New Year’s Eve (91.4%), the only night the market surpassed the 90% mark in December. Overall, the market’s occupancy levels remained above the 70% mark throughout the month, and ADR exceeded AED1,000 during COP28 and NYE weekend.

CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. For more information about the company and its products and services, please visit www.costargroup.com.