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Egypt hotel occupancy to reach 35-61% in 2021: Colliers International Hurghada, Sharm El-Sheikh will witness y-o-y hike in occupancy rates of 57% and 50%, respectively
Egypt's hotel market is expected to see occupancy rates of between 35-61% 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% and 50%, respectively. This will mean that the two cities will see their occupancy rates reach 38% and 35%, respectively, in 2021. It also projected that Cairo and Alexandria will achieve occupancy rates of 40% and 61% in 2021, respectively, representing a y-o-y hike of 48% in Cairo, and 35% in Alexandria. The report added a forecast for the UAE's Dubai Creek/Festival City, Sheikh Zayed Road/DIFC, noting that the two will achieve an occupancy rate of 67% and 66%, respectively. This represents a y-o-y hike of 57% and 55%, respectively. Meanwhile, Dubai Marina/JBR and Palm Jumeirah will both achieve occupancy rates of 73% and 68%, respectively, meaning a y-o-y hike of 40% and 60%, respectively. In Saudi Arabia, Riyadh, Jeddah, Mecca, Madinah, and Al Khobar are all projected to witness 2021 occupancy rates of 55%, 55%, 32%, 40%, and 58%, respectively. This means that they will witness a hike of 11%, 42%, 51%, 53%, and 6%, respectively. Colliers International also forecasts that the Omani capital, Muscat, will see an occupancy rate of 42% in 2021, reflecting a y-o-y hike of 68% Concerning Bahrain's capital, Manama, Colliers International forecast the city's hotel occupancy rate to reach 42% in 2021, a y-o-y hike of 52% "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 markets performance in the key markets, Colliers International added.
