Addis Ababa, Ethiopia, posted Africa’s highest average daily rate (ADR), according to the most recent 12-month data from STR. The market will play host to the Africa Hotel Investment Forum on 23-25 September at the Sheraton Addis.
From July 2018 through June 2019, Addis Ababa registered an absolute ADR of US$163.79 when measured in constant currency, which removes the effects of inflation. That figure was a 1.1% increase year over year. The next closest STR-defined markets in Africa were Accra Area, Ghana (US$160.34) and Lagos Area, Nigeria (US$132.51).
“Addis Ababa continues to maintain high ADR levels when compared
internationally,” said Thomas Emanuel, a director for STR. “The city has
multiple demand drivers, such as a growing economy, successful airline
and its status as the diplomatic capital for Africa. Air connections and
ease of access compared with other cities also factor in the equation
for strong demand, which provides hoteliers with the confidence to
maintain rate levels.
“With healthy performance comes interest in investment. The market’s
pipeline is strong with 22 hotels and 4,820 rooms in active development.
We will continue to monitor these new openings to see how the market
reacts once these additional rooms open.”
Emanuel will present the latest hotel performance and development insights on the Tuesday (24 September) of AHIF.
“Hosting high-profile international meetings like AHIF is one factor
that has helped Addis to maintain its position as the city with the most
expensive hotel accommodation in Africa,” said Matthew Weihs, Managing
Director, Bench Events (http://www.BenchEvents.com) (AHIF organiser).
“Our delegates will be looking carefully to see if the addition of a lot
more high-quality accommodation and meeting space will depress room
rates or help Addis become even more attractive as a destination.”
Addis Ababa’s occupancy over the same 12-month time period was 58.4%, up
6.5% year over year. Cairo & Giza was the continent’s occupancy
leader at 74.5%. Cape Town Centre, South Africa (65.0%), ranked second
in the metric followed by Accra Area (59.7%).
The post Addis Ababa Leads Africa in Hotel Room Rates appeared first on Nomad Africa Magazine | Celebrating the world’s richest continent.
Source: From Our Blog