Colliers International sees Egyptian hotel occupancy recovering in 2021

Hotel occupancy rates in Egypt could bounce back from the covid-19 slump as early as 4Q2020 or the beginning of 2021, Colliers International said in a report (pdf). The real estate services and investment management company sees Cairo hotels leading the country’s recovery next year with projected occupancy rates of 65% versus 46% this year. Occupancy in Alexandria is expected to rise 20 percentage points to 62%, while Hurghada hotels will see occupancy rates 48%, and Sharm El Sheikh at 43%. The Red Sea towns are expected to close out 2020 with occupancy rates between 31-34%.