Daily News Egypt

Sharm El-Sheikh, Hurghada to witness growth of 39%, 29% respectively in RevPAR in 2019: Colliers - Daily News Egypt

Advertising Area




Advertising Area




Sharm El-Sheikh, Hurghada to witness growth of 39%, 29% respectively in RevPAR in 2019: Colliers

It also forecasted that Cairo, Sharm El-Sheikh, Hurghada, and Alexandria will achieve occupancy rates of 79%, 64%,69%, and 84% respectively in 2019.


Cairo, Sharm El-Sheikh, Hurghada, and Alexandria are to witness a growth of 11%, 39%, 29%, and 27% respectively year-over-year (y-o-y) in revenues per available rooms (RevPAR), Colliers International said in its latest MENA Hotels Forecast report in June 2019.

It also forecasted that Cairo, Sharm El-Sheikh, Hurghada, and Alexandria will achieve occupancy rates of 79%, 64%,69%, and 84% respectively in 2019.

“Following the positive trend from 2018, the Egyptian markets continue to experience strong growth in performance levels. In the first five months of 2019, the Egyptian markets saw an average RevPAR growth of 24% compared to the same period last year,” colliers explained.

Concerning Lebanon, Colliers revealed that Beirut is expected to witness a growth of 14% in y-o-y RevPAR in 2019, with occupancy rate of 63%.

“Beirut hotel market has seen strong growth in performance with double digit growth in RevPAR within the first five months of 2019,” according to Colliers.

Furthermore, it added that the increase in performance levels in Beirut can be attributed to the growing number of European tourists. Of which, French tourists top the list followed by Germans and British.

The report indicates that lifting of travel warning from Saudi Arabia is also expected to have a positive impact.

In regards to Dubai, Colliers expected the Dubai Festival City to witness a decrease of 7% in y-o-y RevPAR in 2019.

Meanwhile, it forecasted Sheikh Zayed Road and Dubai Marina to witness a decrease of 9% in y-o-y RevPAR in 2019.

Meanwhile, it forecasted that Palm Jumeirah is to witness a slight decrease of 6% in y-o-y RevPAR in 2019.

In terms of Saudi Arabia, Colliers revealed that Riyadh, Jeddah, Makkah, Madinah, and Al Khobar are expected to witness a decrease of 5%, 5%,,2%,4%, and 8% respectively in y-o-y RevPAR in 2019.

Advertising Area



https://cdn1.dailynewsegypt.com/2019/07/09/sharm-el-sheikh-hurghada-to-witness-growth-of-39-29-respectively-in-revpar-in-2019-colliers/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe