The Saudi Reinsurance Company (Saudi Re) has announced the annual financial results ending on 31 December 2022, noting that net profit before Zakat rose to $15 million compared to 14.19 million last year, with an increase of 6.4 percent. The Company’s 2022 results also recorded a rise in its sales by 26 percent, reaching 372.6 million in total written premiums, driven by strong growth in the local Saudi market and the Middle East markets.
Canada’s February hotel RevPAR exceeded $100 for the first time on record
Canada’s hotel performance increased from the previous month, with February revenue per available room (RevPAR) exceeding CAD100 for the first time on record, according to STR‘s February 2023 data.
Tourism commits to water action agenda at 2023 UN Water Conference
At the United Nations 2023 Water Conference, the World Tourism Organization (UNWTO) provided substantial inputs, underscoring the role of tourism in safeguarding water resources and contributing to the acceleration of Sustainable Development Goal 6, to “Ensure access to water and sanitation for all”, and to the wider 2030 Agenda for Sustainable Development. Emphasising the sector-wide determination to do more, UNWTO joined tourism stakeholders in committing to the Water Action Agenda, a major outcome document of the UN 2023 Water Conference and collection of all water-related voluntary commitments.
Baird/STR Hotel Stock Index fell 2.5% in February
The Baird/STR Hotel Stock Index fell 2.5% in February to a level of 5,541.
Radisson Hotel Group continues to break hotel-opening records in Africa
Radisson Hotel Group, one of the fastest-growing hotel companies in Africa, plans to strengthen its robust African presence in 2023 further with the opening of eight new hotel already confirmed to date. The Group aims to reach 150 hotels within the next five years across the continent, reinforcing Africa as a key growth market.
Riyadh hotels post highest February occupancy since 2008
Riyadh’s hotel occupancy was its highest for a February since 2008, according to preliminary data from STR.
Marriott International celebrates 1,000 hotels in Asia Pacific
Marriott International, Inc. today announced the milestone opening of its 1,000th hotel in Asia Pacific, signaling its continued confidence in the long-term growth potential of the region. The company entered the region nearly 50 years ago and has steadily increased its Asia Pacific footprint.
Madrid hotel industry reported higher performance in February
Aligned with historical trends for the market, Madrid’s hotel industry reported higher performance from the month prior, according to preliminary February 2023 data from STR.
Turtle Bay Resort accepted into global luxury travel group Virtuoso(R)
Turtle Bay Resort has been accepted into Virtuoso®’s exclusive portfolio of luxury travel partners, comprising over 2,300 preferred suppliers in 100 countries. According to Robert Marusi, Chief Commercial Officer of Turtle Bay, inclusion in Virtuoso will present new sales and marketing opportunities to the network’s more than 21,000 luxury travel advisors and their highly desirable clientele. Virtuoso agencies worldwide sell an average of (U.S.) $28–$32 billion annually, making the network the most significant player in luxury travel.
Sydney WorldPride 2023 pushed hotel performance to pre-pandemic levels
Sydney WorldPride 2023 drove the market’s hotel average daily rate (ADR) and revenue per available room (RevPAR) above pre-pandemic levels, while occupancy remained slightly below 2019, according to preliminary data from STR.
