Colliers tags these Egyptian cities 'hotspots' for tourism

Egypt reported its best first quarter since 2010 with increases in rate as well as occupancy.
Sharm el-Sheikh
Photo credit: Enjoylife2

According to Colliers International’s MENA Hotel Forecasts August 2018 report, the Egyptian cities of Sharm El-Sheikh and Hurghada are "touristic hotspots" with forecasted growth of 18 percent and 13 percent, respectively, in revenue per available room. 

Colliers credits the RevPAR growth to seven months of improved security perception, the return of charter flights and a surge in international leisure demand. Cairo, meanwhile, maintained 9 percent forecasted RevPAR growth in the same period, the report states.

Hotels in Alexandria and Abu Dhabi's beaches, meanwhile, are expected to see only a "limited" increase in RevPAR at 4 percent and 3 percent, respectively. Alexandria’s market has experienced consistent growth in corporate and leisure demand in the past months, the report said, a trend Colliers expects to continue in upcoming months, resulting in a healthy growth in RevPAR. Abu Dhabi beach hotels are benefitting from strong momentum in occupancy and ADR, and Colliers expects the trend  to continue over the next quarter, mostly driven by the leisure segment.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

In contrast, Bahrain’s Manama and the UAE’s Sheikh Zayed Road continue to feel the negative consequences of limited corporate and MICE (meetings, incentives, conventions and events) demand, as well as the growing demand from more price-sensitive markets in Ras al-Khaimah’s case. Manama and Ras al-Khaimah are expected to face 9 percent and 8 percent decline in RevPAR, respectively, during the same period.

Suggested Articles

Expenses are outpacing revenue growth, decreasing profits for hoteliers across Europe.

Target markets in the state of Gujarat include Surat, Baroda and Gujarat International Finance Tec-City.

The one-day event will focus on related hospitality concepts such as hostels, co-living, co-working, student accommodation and serviced apartments.