Egypt - Hotel occupancy rates in Egypt's Cairo dropped 67% Year on Year (YoY) so far this year, according to Colliers International’s MENA Hotels Quarterly Report Review (pdf).
Hurghada and Sharm El Sheikh’s occupancy rates fell 57% and 55% YoY in 2020 year-to-date, respectively.
In the third quarter, the leisure markets in the Red Sea, Sharm el Sheikh and Hurghada experienced low occupancies, resulting in a YoY fall of over 55%.
The Egyptian market will have an additional 8,000 keys by the end of 2022, yet the future "supply might experience delays due to the impact of COVID-19" on underway, Colliers noted.
Egypt welcomed about 400,000 international travelers from the beginning of July and until mid-November, Minister of Tourism and Antiquities Khaled el Anany said earlier.
Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
