The number of vacation rentals at hotels, motels and resorts in Dubai has skyrocketed in the past few years.
The latest figures from hotel management and hotel booking company Marriott International show that for the third year in a row, vacation rentals reached a record high in the capital.
Marriott reported $1.24 billion in annual revenue in the third quarter of 2018, a 3.5 percent increase from the same quarter a year ago.
In the past, the company has reported an increase in its business by more than 3 percent year over year.
“Our guests enjoy the luxury of an amazing experience at the finest hotels and resorts throughout Dubai,” said John L. King, chief executive officer of Marriott International.
“For guests, we offer a complete service and unmatched value in all areas of the hospitality business.”
The company said that in 2017, hotels and motels accounted for about 90 percent of all hotel and motel stays in Dubai.
“Over the past three years, our hotel and motel business has grown by nearly $7 billion and the company’s total revenue has increased by more of $6.4 billion,” King said.
“While the resort sector has not seen the growth that we’ve seen in the hotel and the motels sector, we are extremely proud of the record-breaking results achieved by our hotels and motel businesses.”
This is the first time that a hotel booking agency has reported a record-tying year for hotel occupancy.
“We have seen record-high occupancy levels in Dubai for a number of years, and we are excited to report that this year we have the highest occupancy levels of the year, at almost 3.4 million hotel rooms and motls,” said Michael W. Eichelberger, executive vice president of hotel and leisure operations at Marriott International, in a statement.
“This has been the most exciting time of the hotel business for us, and as our guests continue to enjoy the most luxurious and well-managed vacation experiences available in the Middle East, we will continue to work hard to ensure the quality and sustainability of our hotels.”
The total number of hotel rooms in Dubai increased by nearly 1 million for the second straight year.
For the third consecutive quarter, hotel occupancy increased by $6 million, while the number of motels remained flat.
However, hotel rooms grew by $1 million, for a total of $14.5 million in hotel occupancy growth.
“As we move forward, our focus is to provide the best possible value for our guests, and with our growing global portfolio, we look forward to continuing to deliver on our commitment to delivering the best value and experience for our visitors in the future,” King added.
“In the coming months, we plan to further increase our hotel occupancy levels to drive more revenue and increase revenue per guest.”
This year’s numbers also marked the fifth consecutive quarter in which hotel occupancy and occupancy of motel rooms fell.
The hotel industry in Dubai is seeing a drop in revenues as guests prefer to stay in hotels instead of motes.
“The resort sector is experiencing a decline in revenues in the short term due to the impact of a weak global economic climate, and our hotel sector is the prime driver of our hotel revenues, especially in the resort market,” Eicherberger said.