{"id":546263,"date":"2022-05-10T04:00:42","date_gmt":"2022-05-10T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/"},"modified":"2022-05-10T04:00:42","modified_gmt":"2022-05-10T04:00:42","slug":"occupancy-rates-rise-in-1q-as-travel-restrictions-ease","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/","title":{"rendered":"Occupancy rates rise in 1Q as travel restrictions ease"},"content":{"rendered":"

<\/a> The easing of travel restrictions was good news for Egypt\u2019s hotel industry during <\/strong>the first quarter of the year<\/strong>, which saw rising occupancy rates even as the conflict in Ukraine prevented tourists from two of Egypt\u2019s key markets from visiting the country from February, according to figures in Colliers International\u2019s quarterly MENA hotels report (pdf)<\/a>. Occupancy rates in Cairo more than doubled y-o-y in 1Q as leisure and corporate tourists returned to the capital after covid-19 travel restrictions were relaxed. Egypt\u2019s Red Sea resorts also benefited from the normalization, with hotels in Hurghada reporting a 84% rise in occupancy rates and Hurghada increasing 46%. The Mediterranean city of Alexandria saw rates fall 1%.<\/p>\n

What drove the rebound?<\/strong> The government\u2019s easing of travel restrictions \u201cinduced significant inbound leisure demand in 1Q 2022, positively impacting demand for hospitality products in the country,\u201d Colliers said. Strengthened political ties between Egypt and some of the key tourist markets in MENA and Europe also backed the recovery, it added.<\/p>\n

It has been a tough few years for Egyptian tourism:<\/strong> The suspension of travel triggered by the pandemic effectively shuttered the nation\u2019s tourism ministry for three months back in 2020, causing revenues in the sector to plummet<\/a>. Recovery has been gradual thanks to new covid variants and a slow global vaccine rollout but a rise in tourists during the second half of last year brought annual revenues back to pre-pandemic levels<\/a>. The tourism industry is a crucial source of hard currency for Egypt and accounted for almost 9% of GDP prior to the pandemic.<\/p>\n

The sector is now grappling with fallout from Russia\u2019s invasion of Ukraine in late February:<\/strong> The war has all but shut out Ukrainian and Russian tourists from traveling abroad, depriving Egypt from two of its key markets. The two countries made up some 30-40% of all visitors to Egypt before the war broke out and were fixtures of the Red Sea package holiday<\/a> trade. Egypt is still seeking alternatives<\/a> to plug the Black-Sea-shaped hole, including new and resumed international flight routes, other European markets, and attracting little-tapped markets in Latin America and Asia in the long term.<\/p>\n

Average daily rates (ADRs) in Egyptian cities may be \u201cinflated given the devaluation of the EGP,\u201d<\/strong> Colliers said, with Cairo and Sharm seeing the biggest increases because most tourists are charged in USD or EUR. The capital saw an ADR of 181% while Sharm saw an ADR of 54%. \u201cWhen the local currency is used as the presentation currency, an unnatural y-o-y growth in ADR is observed due to exchange rates from USD\/EUR to EGP, suggesting better performance than what is observed using USD-denominated performance indicators,\u201d it added.<\/p>\n

There\u2019s a positive outlook to 2024<\/strong>, with overall supply in the market set to increase at a CAGR of 1% between 2022 and 2024, with some 4.2k keys set to enter the market. Hurghada alone will introduce over 2k keys to the supply by 2024, according to Colliers.<\/p>\n","protected":false},"excerpt":{"rendered":"

The easing of travel restrictions was good news for Egypt\u2019s hotel industry during the first quarter of the year, which saw rising occupancy rates even as the conflict in Ukraine prevented tourists from two of Egypt\u2019s key markets from visiting the country from February, according to figures in Colliers International\u2019s quarterly MENA hotels report (pdf). […]<\/p>\n","protected":false},"author":1,"featured_media":546264,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7377],"tags":[1822,72,505,7117,270,954,238,234,304],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-colliers-international","tag-enterpriseam","tag-hurghada","tag-red-sea","tag-russia","tag-sharm-el-sheikh","tag-tourism","tag-travel","tag-ukraine","wpautop","entry"],"acf":{"mongo_id":"e5ee2237-485c-4fa2-9c92-178ef478b684","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/116.jpg","photo_position":"above","related_issue":[546255],"teaser":"","voice_url":""},"yoast_head":"\nOccupancy rates rise in 1Q as travel restrictions ease - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Occupancy rates rise in 1Q as travel restrictions ease\" \/>\n<meta property=\"og:description\" content=\"The easing of travel restrictions was good news for Egypt\u2019s hotel industry during the first quarter of the year, which saw rising occupancy rates even as the conflict in Ukraine prevented tourists from two of Egypt\u2019s key markets from visiting the country from February, according to figures in Colliers International\u2019s quarterly MENA hotels report (pdf). 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The real estate services company has upped its full-year hotel occupancy forecasts (pdf) for Sharm El Sheikh and Hurghada. Occupancy in Sharm is forecast at 42% this year, up 81% from 2020, while hotels in Hurghada\u2026","rel":"","context":"In "SPEED ROUND: TOURISM"","block_context":{"text":"SPEED ROUND: TOURISM","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/407.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628858,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/15\/colliers-international-reports-jump-in-1q2018-occupancy-rates\/","url_meta":{"origin":546263,"position":2},"title":"Colliers International reports jump in 1Q2018 occupancy rates","author":"enterpriseam admin","date":"15 May 2018","format":false,"excerpt":"Hotel occupancy rates in Egypt\u2019s main touristic cities rose in 1Q2018 as \u201cEgypt\u2019s tourism industry appears to be on the road to recovery,\u201d Colliers International says in its quarterly review on MENA hotels (pdf). Occupancy soared 44% y-o-y in Sharm El Sheikh, while Hurghada also saw a double-digit y-o-y increase\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567769,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/hotels-nationwide-to-see-a-rebound-in-visitors-in-2021\/","url_meta":{"origin":546263,"position":3},"title":"Hotels nationwide to see a rebound in visitors in 2021","author":"enterpriseam admin","date":"7 December 2020","format":false,"excerpt":"Hotels across Egypt are set to see a rebound in visitors in 2021 as the effects of the global pandemic begin to ease and international travel increases, according to figures published in a new Colliers report. The Red Sea resort towns of Hurghada and Sharm El Sheikh will see the\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559762,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/hotel-occupancy-falls-60-in-2020\/","url_meta":{"origin":546263,"position":4},"title":"Hotel occupancy falls 60% in 2020","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"Look away: The final 2020 figures for Egypt\u2019s hotel industry are in. Hotel occupancy in four of Egypt\u2019s biggest tourist destinations fell almost 60% in 2020 to average just 30% as the covid-19 pandemic brought the country\u2019s tourism sector to a halt. Figures in Colliers International\u2019s latest MENA report (pdf)\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/61.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557193,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/09\/colliers-still-optimistic-on-egypt-hotel-recovery\/","url_meta":{"origin":546263,"position":5},"title":"Colliers still optimistic on Egypt hotel recovery","author":"enterpriseam admin","date":"9 September 2021","format":false,"excerpt":"Colliers International maintained its optimistic forecast for Egypt\u2019s hotel occupancy in its September report on MENA hotels (pdf). All four Egyptian tourism destinations listed \u2014 Cairo, Sharm El Sheikh, Hurghada and Alexandria \u2014 are expected to witness continued growth in occupancy this year despite some modest revisions in Alexandria and\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/122.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546263"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546263\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546264"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546263"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546263"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}