Egypt is expected to add 7,000 hotel rooms by 2023 after the coronavirus COVID-19) pandemic led to delaying opening of new projects during 2020, according to Colliers International’s latest MENA Hotels Quarterly Review report.
Cairo’s hotel sector saw a growth of 4.5 percent in supply between 2019 and 2020, while other markets did not witness new properties opening with internationally branded operators, the report showed.
Egypt witnessed a decline in performance last year with Cairo and Hurghada seeing the steepest drops of more than 60 percent in occupancy rates. Sharm El-Sheikh experienced a fall of 56 percent in demand.
The report expects further growth in supply between 2020 and 2023, particularly in Cairo and Alexandria, where supply is forecast to grow by 4 percent and 12 percent, respectively.