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FINANCIAL NEWS
Hotels in Cairo maintain occupancy growth in Q2 this year
05 Sep 2017
(MENAFN) Cairo hotels maintained increase in the occupancy performance in the second quarter of the year, reaching 4 percent growth from Q2 of 2016.
However, the average daily rate remained below the rates of last year in US dollar terms as a result of the currency flotation in Nov 2016.
Meanwhile, Sharm El-Sheikh and Hurghada viewed an increase in occupancy in the cited period of the year due to the increase from both domestic and regional markets.
Accordingly, supply has increased in the country with the completion of different high-profile properties since Q2 2016, like Steigenberger El-Tahrir and Westin Cairo Golf Resort.
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