Egypt hotel market expects 44-58% occupancy in 2021: Colliers

Published 06 Jul,2021 via Daily News Egypt - Occupancy rates in Egypt’s hotel market are expected to range between 44% and 58% in 2021, according to Colliers International’s latest Middle East and North Africa (MENA) Hotels Forecast in July 2021.

The company projected that Cairo and Alexandria will achieve occupancy rates of 44% and 58% in 2021, respectively. This represents a year-on-year (y-o-y) hike of 63% in Cairo, and 29% in Alexandria.

The report forecast that hotels in Sharm El-Sheikh and Hurghada will see a y-o-y hike in occupancy rates of 43% and 51%, respectively. The occupancy rate in Hurghada would reach 113% in 2021, whilst Sharm El-Sheikh would see 86%.

Colliers report added a forecast for the UAE’s Dubai Creek/Festival City and Sheikh Zayed Road/DIFC. It projected that the two will achieve an occupancy rate of 65% and 64%, respectively, representing a y-o-y hike of 52% and 49%, respectively.

In Saudi Arabia, the cities of Riyadh, Jeddah, Mecca, Madinah, and Khobar are projected to witness 2021 occupancy rates of 54%, 53%, 27%, 35%, and 54%, respectively.

Kuwait City hotel market is expected to achieve an occupancy rate of 29%, , meanwhile 16% increase in y-o-y occupancy variance.

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