Doha: Qatar and the USA’s Miami led the world in hotel profit recovery for 2022, according to recent full-year profit and loss (P&L) statement data from STR, a global leader in premium data benchmarking, analytics, and marketplace insights for the global hospitality industry.
Both markets’ gross operating profit per available room (GOPPAR) exceeded 2019 levels, with the metric reaching 152 percent of the 2019 comparable in Qatar, while in Miami it indexed at 155 percent, the STR data indicated. Qatar is designated as a market in STR’s database due to its size and composition.
Regionally, Paris led in Europe with 123 percent GOPPAR ($173.02), comparable to 2019 levels, while London ($105.17) was the next closest market at 88 percent. Berlin ($34.67) recaptured just 60% of 2019 GOPPAR.
In the Middle East, while Qatar led in terms of recovery, Dubai had a higher GOPPAR level ($132.68) and came in a close second in terms of recovery, at 140%. Oman, while improving year-on-year, had the slowest recovery, at 78% of pre-pandemic levels.
For the Asia Pacific region, New Delhi ($51.00) was the only major APAC market to achieve 100% of its pre-pandemic comparable. Singapore ($83.57) and Bali ($49.37) came in at 87% and 81% respectively of the 2019 comparables, respectively, STR said. For North America, Toronto emerged second behind Miami with a GOPPAR level of $88.03, which was 100% of the 2019 comparable. San Francisco’s GOPPAR ($50.86) was furthest away from its pre-pandemic comparable at 41%.
As for South America, Bogota’s GOPPAR came in at $36.83, which was 106% of the pre-pandemic comparable. Rio de Janeiro ($17.17) saw the next-highest GOPPAR comparison (71%). Lima ($5.74) was at just 14% of the 2019 comparable.
Meanwhile, Qatar is expected to spend $45bn to expand the tourism sector by 2030 as part of the National Tourism Sector Strategy 2030, according to recent research by Knight Frank, an independent UK real estate consultancy in Doha.
Qatar’s hospitality market is expected to grow by around 12 percent to reach $54.6bn by 2030, and the number of hotel rooms in Qatar would increase by around 89 percent to over 56,000 by 2025, the research indicated.
The consultancy noted that building the planned hotel rooms would cost the state around $7bn and would be carried out across five-star rooms estimated to cost $4bn, four-star rooms $1bn, serviced apartments $703m, and three-star rooms and below accommodations $571m.
