Egypt's hotel market sees average 34% RevPAR growth in Q1 of 2019
Date
5/11/2019 10:23:07 PM
(MENAFN- Daily News Egypt) Egyptian markets, such as Cairo, Hurghada, Sharm El-Sheikh, and Alexandria, continue to experience strong growth in performance levels, according to the Colliers' MENA hotel full-year forecast 2019 report.
"In the first quarter (Q1) of 2019, these markets saw an average Revenue Per Available Room (RevPAR) growth of 34% compared to the same period last year. travel sentiment from most source markets is now relatively relaxed resulting in a surge in demand," Colliers said.
Furthermore, Colliers forecasts for Egyptian markets continue to be strong. Major Egyptian markets are forecasted to see an average RevPAR growth of 21% in 2019, in comparison to last year.
The report said that Cairo's hotels are forecasted to witness a 99% RevPAR growth for the full-year, with an occupancy rate of 79%, while Alexandria's hotels are expected to witness an increase of around 69% in RevPAR, and an occupancy rate of 83% for the full year forecast, the report read.
Sharm El-Sheikh's hotels are projected to witness a 30% RevPAR growth for the full-year forecast, meanwhile, Hurghada is expected to record a 42% growth in RevPAR for the same period, the report further noted.
Regarding the Abu Dhabi hotel market, it has experienced healthy performance levels in Q1 of 2019. Abu Dhabi beach and city hotels achieved an average 10% RevPAR growth, compared to the same period last year.
Moreover, the hotel market in Abu Dhabi is forecasted to see an average RevPAR growth of 4% in 2019, compared to last year.
In Q1 of 2019, the Beirut hotel market has seen strong growth in performance with double digit growth in RevPAR. Increasing performance levels can be attributed to the growing number of European tourists. French tourists top the list followed by the German and British. The market is forecasted to see a RevPAR growth of 9% in full year 2019.
On the other hand, the Jeddah hotel market has experienced a slight decrease in RevPAR in the full-year forecast to record 163%. Meanwhile, the hotel market in Makkah witnessed the same decrease to reach 102% in RevPAR in the mentioned period.
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