Cairo occupancy rates highest in more than a decade
Cairo has reached its highest average occupancy levels since 2008
Cairo has reached its highest average occupancy levels since 2008, according to global real estate services provider, Savills, in its Egypt Hotel Market Spotlight.
Egypt’s capital reached figures of 72.5% on average for the year, which was driven by the uptake in corporate travel.
According to data from Savills, business travellers accounted for 67% of the city’s hospitality market demand.
As well as hospitality demand, new additions to the Cairo’s hotel market was also flagged up as one of the key drivers for occupancy.
Cairo has 18,800 rooms with major international groups investing in the city, including the Hilton Cairo Nile Maadi Towers, which comprises two towers of 23 floors (residential and five-star hotel).
Savills said it projects further hotel stock growth as large hotel groups invest in the capital. Intercontinental Hotel Group (IHG) is set to introduce a 187-room Crowne Plaza hotel in Sheikh Zayed City, which will open in 2021.
“After a few challenging years, the figures for the hospitality market in Egypt are really encouraging,” said Savill’s head of Egypt, Catesby Langer-Paget. “With Cairo and the Red Sea back on the radar for international tourists, as well as the huge potential that the North Coast provides, the current time provides the perfect opportunity for international investors to take advantage.”