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Tuesday, 15 May 2018

Colliers International reports jump in 1Q2018 occupancy rates

Hotel occupancy rates in Egypt’s main touristic cities rose in 1Q2018 as “Egypt’s tourism industry appears to be on the road to recovery,” Colliers International says in its quarterly review on MENA hotels (pdf). Occupancy soared 44% y-o-y in Sharm El Sheikh, while Hurghada also saw a double-digit y-o-y increase of 28%. Cairo and Alexandria’s hotels saw occupancy rates rise 3% and 9% y-o-y during the quarter, respectively. Colliers had predicted in a previous report (pdf) that occupancy rates in Sharm El Sheikh and Hurghada will reach 46% and 45%, respectively, during 2Q2018. Colliers International’s Christopher Lind had said in March that hotel occupancy rates across Egypt were expected to rise significantly over the next five years as the hotel sector stabilizes.

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