The report said that despite the currency flotation during the end of 2016, hotel average rates declined on the US dollar value when compared to 2015. “Nonetheless, a slight increase is expected in 2017 as the devaluation marks its impact on the hotel market,” the report read. Although this trend is expected to continue in 2017, the pace is expected to slow down slightly, according to the report. As far as the market performance, the occupancy levels have constantly slipped over the last two years, reaching levels of 35%. The report stated that Alexandria has seen growth in both occupancy and average daily rates over the last three years with the exception of occupancy levels in 2016, which remained constant.

Source: Daily News Egypt March 01, 2017 15:00 UTC