Cairo, Sharm El-Sheikh, Hurgahda, 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 July 2019.
It also forecasted that the four cities will achieve occupancy rates of 79%, 64%, 69%, and 84%, respectively in 2019.
Colliers stated that the Egyptian market continues to experience strong growth in performance levels.
In the first six months of 2019, the aforementioned Egyptian markets saw an average RevPAR growth of 25% compared to the same period last year, it added.
The Colliers attributed this growth to lifting the travel ban from export markets, which led to an increase in demand levels.
“The outlook for Egyptian markets remains strong. The main Egyptian markets are expected to see a 27% increase in RevPAR compared to last year,” Colliers expects.
Concerning Lebanon, Colliers unveiled that Beirut is expected to witness a growth of 16% in y-o-y RevPAR in 2019, with occupancy rate of 63%.
For the UAE, Colliers expected Abu Dhabi city to witness a slight RevPAR increase of 2% y-o-y in 2019, with occupancy rate of 72%.
“Abu Dhabi Beach is expected to witness a slight RevPAR growth of 2% y-o-y in 2019, with occupancy rates of 66%,” Colliers forecasts.
In terms of Saudi Arabia, Colliers revealed that Riyadh, Jeddah, Makkah, Madinah, and Al Khobar are expected to witness RevPAR decreases of 5%, 7%, 2%, 4%, and 8%, respectively y-o-y in 2019.
