Cairo – Mubasher: Egypt’s hotel market has improved during the first quarter of 2019, driven by the return of major international markets and rising regional demand from the Middle East and North Africa (MENA) region, according to a recent report released by Colliers International.
The growth in the hotel market has led to enhancing investor confidence, the report added.
New hotel projects, including Rixos and Steigenberger, are projected to operate several properties in resorts along the Red Sea.
The coastal city of Alexandria topped Egyptian cities with a 27% year-on-year growth in average daily rate (ADR), along with a 10% increase in occupancy rate in Q1-19.
The 2019 Africa Cup of Nations is forecast to draw around 50,000 visitors in June and July, the report noted.
With growing domestic tourism demand over the last four years, the North Coast is projected to raise its occupancy by 5% and ADR by 17% in 2019.
