Egypt's Sharm El Sheikh hotel occupancy to grow by 7 per cent in FY 2019: Colliers
Egypt's Sharm El Sheikh hotel occupancy to grow by 7 per cent in FY 2019: Colliers
Sharm El Sheikh is expected to obtain the highest growth in occupancy, while Hurghada and Alexandria are both expected to see improvements in average daily rate in fiscal year (FY) 2019 over FY 2018, according to Colliers International MENA 2018 full year review report.
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Image via PixabayPictured: A resort in Egypt
The report stated that the FY 2018 was the second year in a row each market had seen an improved performance in Egypt.
'Occupancy rate for hotels in Sharm El Sheikh and Hurghada increased by 22 per cent, and 26 per cent respectively in 2018, with expectations for Hurgahda's hotel occupancy rate to grow by 5 per cent in 2019,' the report said.
Cairo's hotel occupancy rate was also up 10 per cent in FY 2018 and is expected to rise by 4 per cent this FY.
Average daily rates improved for Cairo's hotels by 13 per cent and is expected to rise 5 per cent this FY.
Colliers stated the Egyptian hotel market is to expand its key supply by 2 per cent annually between 2019 and 2021.
'A 6.7 per cent increase was witnessed in Alexandria's hotels' supply in FY 2018, compared to FY 2017. In terms of Cairo, it witnessed only a 5.7 per cent increase in its hotels' supply,' according to Colliers.
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