H. Kong retail sales inch up in June '25    Egypt's SCZONE breaks ground on $55m Chinese textile projects in Sokhna    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Japan's c. bank holds key interest rate    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Medium-term recovery expected in Sharm El-Sheikh: Colliers
Occupancy to reach 36% in February and March in Sharm El-Sheikh
Published in Daily News Egypt on 01 - 02 - 2016

Sharm El-Sheikh continues to suffer the repercussions of the Russian plan crash and the militant attacks it has witnessed recently, real estate company Colliers International highlighted in its recent forecast report.
The company stated, however, that a medium term recovery is anticipated. This coincides with the announcements made by Minister of Tourism Hisham Zaazou, who predicted a recovery in the sector by March.
Colliers anticipated that, between January and March, the revenue per available room in Sharm El-Sheikh hotels would see a 40% drop, compared to the same period last year. The state of tourism in Hurghada is no better than that of Sharm, with the revenue per available room expected to see a 26% decline during February and March 2016.
"Governmental travel advice continues to affect demand, and the Western European and Russian segments have dipped considerably, thereby increasing reliance on domestic demand," the report said.
Colliers predicted that the revenue per available room in Hurghada and Sharm El-Sheikh to be $18 and $16, respectively. Occupancy rate is Sharm El-Sheikh will be 36%, while in Hurghada it will reach 38%.
As for Luxor and Alexandria, the first will have an occupancy rate of 21% with the revenue per available room expected to reach $9, a 20% increase compared to the same period last year. Occupancy in the latter city will reach 65%, with the revenue per room increasing by 1% when compared to the same period last year. Revenue in Alexandria is expected to be $62.
In September, eight Mexican tourists and four Egyptians were killed in an attack by the Egyptian armed forces in the Western Desert, after the latter mistook the tourists for militants. The incident was met with huge international backlash, and triggered fears that it would cause a further decline in tourism.
Another incident occurred on 31 October, when a Russian commercial airliner crashed over North Sinai, purportedly after a bomb was placed on it, killing all 224 passengers and crew members. Several countries, including Russia and the United Kingdom, have suspended flights to Egypt.
In January, two militants entered the Bella Vista resort in Hurghada and stabbed three tourists, one Swedish and two Australian. The militants entered the hotel through a restaurant facing the street.
Another attack took place near the Giza Pyramids, after gunmen attacked tourists, leaving no casualties but destroying the facade of the Three Pyramids hotel near the location of attack.


Clic here to read the story from its source.