Cairo hotels continue recovery
Cairo hotels have enjoyed a 20 per cent year-on-year increase in profits thanks to a number of key conferences in September, including the Euromoney Egypt conference.
The Egyptian capital, which has had a tumultuous few years due to political turmoil, has benefited from an onwards trajectory in visitors, Hotstats reports in its latest MENA chain hotels market review.
It reveals occupancy has continued to climb from 59 per cent in September 2015 to 61 per cent in January 2016 and 69 per cent in September 2016, representing a 10 per cent year-on-year change.
Report authors said it was helped in part by a number of large conferences.
"Key events during September, including the 30th International Sahara Expo at the Cairo International Convention and Exhibition Centre, as well as the Euromoney Egypt Conference, which alone attracted 900 delegates to the city, helped drive demand and enabled hotel management to leverage prices," they wrote.
The surge in demand led to year on year hotel prices rising 4 per cent from €119 to €124.
In Dubai, hotel prices dropped 7 per cent to €196, despite occupancy increasing 5 per cent to 82 per cent in September.
And Jeddah hotels saw year-on-year occupancy levels fall 10 per cent to 74 per cent in September, which was off the back of a strong summer which averaged 84 per cent across the four months. It added to losses in food and beverage (-13 per cent) and conferences (-28 per cent), leading to year-on-year profit losses fall 11 per cent.