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Jeddah room rates jumped during Formula One

Saudi Arabian Grand Prix
Saudi Arabian Grand Prix

Jeddah’s RevPAR levels peaked on the same night at SAR1,618.28.

WASHINGTON – Helped by the annual Saudi Arabian Grand Prix, Jeddah’s hotel industry reported performance growth across the metrics, according to March preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.

March 2024 (year-over-year % change):

  • Occupancy: 66.3% (+2.2%)
  • Average daily rate (ADR): SAR929.94 (+3.2%)
  • Revenue per available room (RevPAR): SAR616.63 (+5.5%)

Jeddah hosted the 2024 Saudi Arabian Grand Prix between 7-9 March, which drove daily performance in the market. Occupancy was the highest on Wednesday, 6 March (92.7%), closely followed by Friday, 8 March (91.6%).

Daily room rates reached as high as SAR1,767.36 on Friday, 8 March – nearly double the monthly average.

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Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.