Dubai hotels witnesses a shocking 12.8 percent drop in room rates in April - the biggest slide in more than four years, according to The National .
“This is primarily due to the falling values of the Russian rouble and euro that has lowered the spending power of visitors from these key source markets,” Chris Hewett, a senior consultant at TRI Consulting, which published the Hotstats data, told The National.
The 12.8 percent drop year-on-year leaves four and five star properties at $373 per night. The Hotstats data showed an even larger drop for hotel's food and beverage businesses - at 19.8 percent and 26.7 percent respectively.
The fall of the rouble and euro are coinciding with a return of tourists to the Egyptian resort town of Sharm El Sheikh - which surged 20 percent in April.
Considering the break-neck pace that Dubai is seeing new hotels go up - hardly a day seems to go by without another announcement, we're left wondering if this is a sign of trouble in paradise or a just temporary correction? Either way, sounds like now's the time to book that five star vacation in Dubai.