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FINANCIAL NEWS
Egypt’s capital hotels log profits in spite of crisis
30 Nov 2015
(MENAFN) The lack of tourists to Egypt is not projected to impact the Egyptian hotel market in Cairo since firms are filling in the profit gaps the tourists left, as the latest reports showed.
The report forecasted that revenue per available room is will soar by 34 percent in Cairo between January and November, plus there will also be a 16 percent income growth in Alexandria.
Occupancy in Cairo hotels stands at 50 percent while that in Alexandria hit 59 percent, while Sharm El-Sheikh will endure losses in revenues over Jan-Nov compared to 2014.
A campaign has been launched to revive tourism in Sharm El-Sheikh; hence hotels applied a 25 percent discount rate on their charges per available room to attract both foreign and local tourists.
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