The hospitality markets in both Riyadh and Jeddah continue to recover in Q3 2022, albeit the type of guests that each has been attracting has varied, according to a new report released by real estate services company JLL.
While hotels in the capital catering to business or corporate guests have been outperforming so far this year, luxury hotels & resorts remained the preferred choice of guests in Jeddah, the KSA Real Estate Market Report said.
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In addition, the Kingdom’s well-organized year-round events schedule has also contributed to a significant improvement in hotel demand, as evidenced by Riyadh’s occupancy rate rising to 58% in the first eight months of 2022.
As for Jeddah, occupancy reached 52%, up nearly 13%-points from the same period last year.
