Egypts hotel occupancy rates to grow in 2021: Colliers

Cairo hotels will also see a decrease of 44% Year on Year (YoY) in occupancy variance, while in Alexandria an annual plummet of 46% is predicted.

The research entity said the travel and tourism sector was hit hardest by the outbreak of the virus, as governments continued to introduce measures to slow its spread.

As for Sharm el Sheikh, hotels are projected to be occupied by 30%, with a 48% YoY decline in occupancy variance.

Colliers expected hotels in Hurghada to witness a 33% occupancy rate, with the occupancy variance plunging by 50% YoY.

Meanwhile, the forecasts for 2021 are quite higher, with occupancy rate in Cairo hotels seen at 65% in addition to an increase of 48% in YoY occupancy variance.

Alexandria hotels are expected to be 62% occupied next year while recording a growth of 43% in occupancy variance.

Colliers added that “The forecast assumes the recovery to start in [the fourth quarter] and continue in 2021.”

It expected occupancy rate in Sharm el Sheikh and Hurghada hotels to reach 43% and 48%, respectively, in 2021.

In addition, occupancy variance in Sharm el Sheikh and Hurghada hotels is projected to rise by 44% each.

However, the UAE and Saudi hotel markets are expected to recover faster than other countries in the region.

Airports in Egypt started to operate in July 1^st in line with the gradual lifting of the partial lockdown.