Egypt’s hotel market may see occupancy rates of between 35-61 percent in 2021, according to Colliers International’s latest Middle East and North Africa (MENA) Hotels Forecast.
The company forecast that the tourism hotspots of Hurghada and Sharm El-Sheikh will witness a year-on-year (y-o-y) hike in occupancy rates of 57 percent and 50percent, respectively.
This will mean that the two cities will see their occupancy rates reach 38 percent and 35 percent, respectively, in 2021.
It also projected that Cairo and Alexandria will achieve occupancy rates of 40 percent and 61 percent in 2021, respectively, representing a y-o-y hike of 48 percent in Cairo, and 35percent in Alexandria.
“As we move through 2021, we begin to observe several markets build on recovery that began in the fourth quarter (Q4) of 2020,” the company said.
It noted that ongoing monitoring of the novel coronavirus (COVID-19) pandemic by government entities and other key touristic stakeholders has informed how markets open and close.
While travel restrictions are easing, controlled and consistent growth is key to recovering, and in the future improving on the hospitality