COP28 and New Year boost Dubai hotel performance

COP28 and New Year boost Dubai hotel performance

Dubai’s December 2023 RevPAR figures were the highest since January 2015

According to preliminary December data from CoStar, Dubai’s hotel industry reported its highest monthly average daily rate (ADR) on record.

The provider of online real estate marketplaces, information, and analytics in the property markets stated that last month’s performance was bolstered by COP28 and New Year’s Eve.

December 2023 year-on-year % changes were impressive across key markers, including occupancy ( 79% +4%); average daily rate (ADR) (AED1,061 +19%), and revenue per available room (RevPAR) at AED840 (+23%).

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In addition, according to daily data, Dubai saw its highest occupancy level on New Year’s Eve (91%) in December 2023. 

Overall, the market’s occupancy levels remained above 70% throughout the month, and ADR exceeded AED1,000 during COP28 and New Year's Eve weekend.

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