Addis Leads Africa in Hotel Room Rates
Addis Ababa Addis Leads Africa in Hotel Room Rates Addis Ababa posted Africa's highest average daily rate, according to the most recent 12 months data from the Solution Empowering the Hospitality Industry (STR).
According to STR the city registered an absolute average daily rate of 163.79 USD when measured in constant currency, which removes the effects of inflation and the figure was a 1.1 increase year over year.
Director of STR, Thomas Emanuel, said that Addis continues to maintain high average levels when compared internationally.
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, he said.
Thomas added that the market pipeline in the city is strong with 22 hotels and 4,820 rooms in active development and STR will continue to monitor new openings to see how the market reacts once additional rooms open.
The market will play host to the Africa Hotel Investment Forum (AHIF) on 23-25 September at the Sheraton Addis.
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, AHIF organizer Matthew Weihs said.
The next closest Solution Empowering the Hospitality Industry defined markets in Africa were Accra Area, Ghana with 160.34 USD and Lagos Area, Nigeria 132.51 USD.
Addis Ababa's occupancy over the same 12-month time period was 58.4 percent, up 6.5 percent year over year.
Cairo and Giza was the continent's occupancy leader at 74.5 percent, Cape Town Centre, South Africa 65.0 percent ranked second in the metric followed by Accra Area 59.7 percent.
Founded in 1985, STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors.
Source: Ethiopian News Agency