The Nile Ritz-Carlton hotel rooms’ revenue rate rose this year by 22% from 2017, as demand increases in Cairo. HOTAC’s revenues increased by 57.6% in the fiscal year (FY) 2017/18 to EGP 149.8m, up from EGP 95m in the last FY. The company’s revenues increased during the last FY to reach EGP 462m, against EGP 201.7m in FY 2016/17. Attia noted that average occupancy rates at the Nile Ritz-Carlton in 2018 reached 77%, up from 72% in 2018. The sector is hoping to reach arrivals of 10 million tourists by the end of this year, against 8.3 million last year.

Source: Daily News Egypt December 20, 2018 08:12 UTC