Hotel accommodation prices in Egypt likely to increase amid high occupancy rate
Updated 8/27/2023 7:28:00 AM
Arab Finance: Prices of hotel and resort accommodation are expected to increase by at least 35% year on year in 2023 and by 30% in 2024, a government official told Asharq Business.
The official ascribed the increase in prices to the surge in booking rate at Egyptian hotels, noting that prices of hotel rooms went up by 45% in some destinations.
In the same vein, Ibrahim El Messiri, CEO of Abu Soma Tourism Development Company, the developer and operator of Somabay, expects hotel room prices in coastal areas to see an increase of at least 10% starting 2024.
Additionally, room prices in Nuweiba-Taba region are expected to range between $120 and $150 per night by the end of 2023, compared to $70-$100 during the first half (H1) of 2023, Head of the region’s Tourist Investors Association Sami Suleiman said.
Likewise, hotel room prices in Upper Egypt are anticipated to see at least a 50% increase as of October 2023, Board Member of the Upper Egypt Hotel Chamber Mohamed Othman pointed out, adding that if demand continues to rise the price increase will continue.
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