Medinet Nasr for Housing and Development SAE announced its net profit skyrocketed 102.6 percent in 2013.
The Middle East/Africa region had the highest average revenue per available room at $120.88 in October.
The Europe-based luxury hotel group, is planning to expand its portfolio of luxury hotels in Africa.
As the Egyptian government struggles with political and economic instability, the Cairo real estate market reports improvement in all sectors. Vacancies in Grade A office buildings slid to 20 percent for the first quarter, a decrease from 29 percent in the fourth quarter of 2012.
The average daily rate for a hotel in Dubai jumped 7.9 percent in 2012, thanks to a steady roster of conventions and events in the city, a new report says. Visitors to Dubai can now expect to pay an average of $234.99 for a hotel room.
According to STR Global, the Middle East/Africa region reported mostly mixed performance results in 2012 when reported in U.S. dollars. In 2012, the region reported a 6.1-percent increase in occupancy to 60.3 percent, a 0.5-percent decrease in average daily rate to US$161.64 and a 5.6-percent increase in revenue per available room to US$97.54.
According to hotel data compiled by STR Global, despite economic slowdowns in many regions of the world, hotel markets globally still posted mostly positive performance results for the month of August 2012. Here is a breakdown of hotel markets by region from STR Global.
Hilton Worldwide, Egypt's largest hospitality provider, has signed an agreement with long-standing business partner, Egyptian Touristic Resorts LLC, to introduce two new premium Hilton Hotels & Resorts properties to Cairo and Alexandria.
According to the May 2012 STR Global Construction Pipeline Report, the Middle East/Africa hotel development pipeline comprises 492 hotels totalling 125,235 rooms. Among the countries in the region, the United Arab Emirates, reported the largest number of rooms in the total active pipeline with 35,683 rooms.
London-based STR Global has just released this week their Annual Profitability Survey 2012 for selected global hotel markets. Now in its 14th year, the survey contains detailed data on hotel revenues and costs, showing the dynamic evolution of the sector by city, country and region.
According to Jones Lang LaSalle's (JLL) latest Cairo Real Estate Overview, following the Egypt's difficulties in 2011, the future looks more positive. JLL believes that there is evidence of more clarity and increased activity, with confidence returning twelve months after Egypt's revolution.
According to the 2011 year-end data from STR Global, a year since the beginning of the Arab Spring, demand has yet to return to Egypt, Bahrain and the Levant region.
(TABA HEIGHTS, EGYPT) -- Orascom Hotels and Development, Egypt's largest hotel owner, and Troon Golf, the world's largest golf course management company, announced a deal this week that would hand over control of Orascom's world-class golf course resorts at Taba Heights and El Gouna.
According to the December 2011 STR Global Construction Pipeline Report, the Middle East/Africa hotel development pipeline comprises 496 hotels totaling 133,438 rooms.
According to STR Global, the Middle East/Africa region reported mostly negative performance results during November 2011. The region ended the month with a 4.3-percent decrease in occupancy to 65.8 percent, ...