Friday, April 16, 2021

Colliers International: Egypt will add 7,000 hotel rooms by the end of 2023

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Alexandria maintains the average daily price in 2020 … and occupancy decreases by 60% in “Cairo”

 

A report issued by Colliers International, which specializes in real estate and hotel consultancy and brokerage services, expects the Egyptian tourism sector to add 7,000 new hotel rooms by the end of 2023.

The report, which the “Stock Exchange” obtained a copy of, stated that the Egyptian tourism sector faced pressure due to the Corona pandemic, which led to the entry of fewer hotel rooms for service during the past year and the delay of a large number of companies opening new hotels.

Egypt’s tourism revenues declined over the past year to $ 4 billion, compared to revenues that exceeded $ 13 billion in 2019, under pressure from the epidemic and the suspension of travel around the world.

Cairo was the most fortunate in the number of new hotel rooms between the years 2019-2020, and it recorded a growth of 4.5%. The rest of the Egyptian tourist destinations, which include Hurghada, Sharm El Sheikh and Alexandria, did not record any openings for hotels with international brands.

The operating capacity of the hotel in Egypt is about 205 thousand rooms, most of them are in South Sinai and the Red Sea.

“Colliers International” said in its report that Alexandria hotels maintained average prices during 2020 despite the great pressures faced by the tourism sector, but Cairo hotels remained at the top of the prices.

Colliers expects the supply to grow between 4 and 21% during the period 2020-2023 in hotel rooms in Alexandria and Cairo, respectively.

Alexandria maintained the average daily price level during the past year despite the impact of the epidemic on demand in Egypt’s main markets.

The report stated that Hurghada was able to maintain a fairly stable daily price level, according to Colliers, adding that despite this, it suffered a decrease of 2%.

Egypt’s tourism markets in Hurghada, Sharm El Sheikh, Cairo and Alexandria recorded a decrease in demand during the past year, but Cairo and Hurghada witnessed a sharp deterioration in occupancy rates compared to 2019, as occupancy rates decreased by 60%, while the decline in Sharm El Sheikh was 56%.

The article Colliers International: Egypt to add 7 thousand hotel rooms by the end of 2023, it was written in Al-Borsa newspaper.

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