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Confidence returning to Egypt as hotel rates jump 73 per cent

Hotstats reveals average hotel prices jumped $57 in May 2016 to $98 12 months later

Pictured: Cairo, where year on year hotel rates went up 73 per cent in May this year

Hotel rates in Cairo have jumped 73 per cent as Hotstats suggests confidence in Egypt is returning following a US$12 billion (£9.28bn) loan from the International Monetary Fund (IMF).

Average room rates (ARR) went from $57 (£44) in May 2016 to $98 (£76) in May 2017, despite occupancy falling 9 per cent in the same months, from 73 per cent in 2016 to 64 per cent this year.

The report authors said: "The Egyptian economy is forecast to be one of the strongest growing in the MENA region in 2017 and has been bolstered by a $12 billion loan from the IMF which has reignited investor confidence."

The findings were made in Hotstats' latest Middle East and North Africa chain hotels review. The report reveals that Jeddah hotels watched occupancy slide 3 per cent but still remained a strong 82 per cent for May 2017. ARR in the Saudi capital went up 3 per cent to $354 (£274) while conference and banqueting bookings declined 19 per cent and food and beverage also slid 4 per cent.

There wasn't much change for Riyadh hotels, which registered a slight 0.6 per cent year on year increase on room rates, reaching $218 (£169). Occupancy for the Saudi capital rose slightly (1.3 per cent) to an average of 65 per cent in May 2017.

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