Cairo is expected to record an increase in both international and regional tourism in 2010, according to the first Cairo City Profile released by Jones Lang LaSalle.
Specifically, Jones Lang LaSalle predicts a growing number of visitors for business and conferences as the economy expands, which will balance a market that has previously been dependant upon leisure visitors.
The report also observes the current trend for the refurbishment of old properties, which it says will reduce pressure on occupancies.
For example, The Rocco Forte Collection has recently announced its takeover of The Shepheard Hotel in Cairo City Centre, Ritz-Carlton is rebranding the capital’s Nile Hotel and Park Hyatt is renovating a previous Le Meridien building.
Jones Lang LaSalle forecasts that the arrival of new luxury brands will continue, with a St Regis by Starwood planned for 2012 and a MGM Grand scheduled for 2013.
The report predicts that the improvement in global economic conditions will positively impact on hotel yields in 2010, with a “short-term improvement in performance is expected to be driven by occupancies rather than room rates”.
According to the Egyptian Hotel Association, Cairo has a total inventory of 153 hotels comprising 24,000 rooms across all categories.
Source: Hotelier Middle East - 15 Dec 2009
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