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Kuwait hotel sector witnesses downward trend in August 2011

According to specialized economic report, Kuwaits hotel sector has witnessed a downward trend during the month of August 2011, as the rate of occupancy fell by 2.8percent on an annual basis.

The Tameer Real Estate Investment Company, in its report, revealed that the average daily prices of the hotel rooms in Kuwait fell three percent year-on-year, touching US$192.4, while the revenue of the available room fell by nine percent, touching US$76.7percent during the month of August.

The report said that between last January and August, there has been a six percent growth in average daily price, in comparison to same period last year.

As for hotel performance in the Middle East and North Africa region (MENA region), the report said that it continued to see mixed performance during the month of August, in comparison to same period last year, with occupancy rate having fallen by 9.5 points, while average daily rate fell by one point on an annual basis.

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