Hotel occupancy rates in Cairo nosedived 67 percent y-o-y so far this year amid the pandemic-induced slump in tourism, according to Colliers International's MENA Hotels Quarterly review. Hurghada and Sharm El Sheikh's occupancy rates have also fallen 57 percent and 55 percent year-to-date. Alexandria was the least affected of the Egyptian cities, but still saw occupancy rates falling 47 percent y-o-y. World Tourism Organization figures have shown that tourist arrivals to Egypt dropped 62.3 percent y-o-y in 1H2020 while tourism receipts plunged 90.4 percent in 2Q2020 when the sector was brought to a standstill after the government suspended international flights. Weak occupancy rates continued into the third quarter despite airlines around the world resuming flights to Egypt. Alexandria and Sharm El Sheikh saw slightly better performance from 2Q, posting increases of 5 percent and 1 percent respectively, but remained significantly lower than the same quarter last year, Colliers said.
