DUBAI - Kingdom Hotel Investments, or KHI, run by Saudi billionaire Prince Alwaleed bin Talal, said Thursday its revenue per available room, or RevPar, declined 9% in the third quarter due to the global economic slowdown.System RevPar for the first nine months of the year fell 16%, KHI said in regulatory filing on the London Stock Exchange.
Trading remains in line with general market trends and its hotel operations remain profitable and cash generative, KHI said.
In August, KHI posted a 61% fall in first-half net profit due to weaker results at its Four Seasons hotels in Paris and Cairo, and lower real-estate sales.
Net profit for the period fell to $8 million from $20.6 million a year earlier, while revenue fell 11% to $103.3 million.
Headquartered in Dubai, KHI owns hotels managed by chains such as Fairmont Hotels and the Four Seasons.
The company said Dubai remains a challenging market "with RevPar at the Movenpick Bur Dubai down over 46% compared to the same period last year with weakness continuing in both occupancy and room rate."